Enters large and growing Chinese heavy duty retrofit market
Achieves milestone in commercialization of advanced materials strategy
OXNARD, Calif., Jan. 19, 2016 (GLOBE NEWSWIRE) -- Clean Diesel Technologies, Inc. (Nasdaq:CDTI) (“CDTi” or “the Company”) has begun supplying its new synergized-platinum group metal (SPGM™) diesel oxidation catalyst (DOC) to Panasonic Ecology Systems Co., Ltd. with an initial focus on the China heavy duty retrofit market. Shipments are expected to grow throughout 2016.
Matthew Beale, CDTi’s Chief Executive Officer, stated: “With shipments to Panasonic, we achieved an important milestone for the Company in the commercialization of our advanced materials strategy. With our current agreement, we expect to reach a low single-digit million dollar annual revenue run rate by the end of the year. Furthermore, this agreement demonstrates our ability to take our technology platform currently used in the North American heavy duty market and deploy it in OEM-caliber products worldwide. We are working with Panasonic and others to explore additional projects that integrate our powder technology into the manufacturing process in multiple markets. The scope of our solution is not specific to one vehicle model. As such, our work with Panasonic gives us significant momentum as we pursue opportunities to expand into the world’s largest heavy duty markets, including China and India.”
As announced November 17, 2015, CDTi and Panasonic Ecology Systems Co., Ltd., which manufactures and sells environmental systems for the Panasonic Group, signed a supply agreement in which Panasonic Ecology Systems will combine its proprietary diesel particulate filter technology with CDTi’s SPGM DOC technology for the heavy duty diesel market in China.
CDTi develops advanced materials technology for the emissions control market. CDTi’s proprietary technologies provide high-value sustainable solutions to reduce hazardous emissions, increase energy efficiency and lower the carbon intensity of on- and off-road combustion engine systems. With a continuing focus on innovation-driven commercialization and global expansion, CDTi’s breakthrough Powder-to-Coat (P2C™) technology exploits its high-performance, advanced low-platinum group metal (PGM) emission reduction catalysts. Key technology platforms include Mixed Phase Catalyst (MPC®), Base Metal Activated Rhodium Support (BMARS™), Synergized PGM (SPGM™), Zero PGM (ZPGM™) and Spinel™. For more information, please visit www.cdti.com.
Certain information contained in this press release constitutes forward-looking statements, including any statements that are not statements of historical fact. You can identify these forward-looking statements by the use of the words "believes", "expects", "anticipates", "plans", "may", "will", "would", "intends", "estimates", and other similar expressions, whether in the negative or affirmative. Forward-looking statements are based on a series of expectations, assumptions, estimates and projections which involve substantial uncertainty and risk. In this document, the Company includes forward-looking statements regarding its relationship with Panasonic Ecology Systems, including expected sales and revenue as well as additional opportunities. In general, actual results may differ materially from those indicated by such forward-looking statements as a result of risks and uncertainties, including, but not limited, to (i) that the Company may not be able to (a) meet expectations or projections, including anticipated shipment timing and transition into supply of the Company's proprietary SPGM DOC powder to Panasonic; (b) decrease costs; (c) increase sales, including sales in China and India as a result of its relationship with Panasonic; (d) obtain adequate funding; (e) retain or secure customers; (f) increase its customer base; (g) protect its intellectual property; (h) successfully evolve into an advanced materials supplier or, even if successful, increase profitability; (i) successfully market new products; (j) obtain product verifications or approvals; (k) attract or retain key personnel; or (l) realize benefits from investments; (ii) funding for and enforcement and tightening of emissions controls, standards and regulations; (iii) prices of PGM and rare earth metals; (iv) royalty and other restrictions on sales in certain Asian countries; (v) supply disruptions or failures; (vi) regulatory, marketing and competitive factors; (vii) environmental harm or damages; and (viii) other risks and uncertainties discussed or referenced in the Company's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K. In addition, any forward-looking statements represent the Company's estimates only as of the date of such statements and should not be relied upon as representing the Company's estimates as of any subsequent date. The Company specifically disclaims any obligation to update forward-looking statements. All forward-looking statements in this press release are qualified in their entirety by this cautionary statement.
Source:Clean Diesel Technologies, Inc.