Fiscal losses for engine emission control manufacturer Clean Diesel Technologies (CDT) of Stamford, CT, grew significantly both in the second quarter and through the first half of 2005 – even as the company won grants for the use of its technology from the states of Texas, New York and Massachusetts.
The company lost $1.28 million on $286,000 of revenue in the second quarter, up from losses of $885,000 in the same period last year, while losses topped $2.47 million on $460,000 in revenue through the first half of the year compared to losses of $1.69 million midway through 2004.
Yet CDT said sales of its Platinum Plus Purifier diesel-oxidation catalysts (DOC) and fuel-borne catalyst (FBC) are growing. The Texas Council of Environmental Quality is using them as part of a project to test a new biodiesel blend; the New York State Energy Research Development Authority is using the devices on ferries and marine vessels; and Massachusetts selected CDT’s system along with a catalyzed wire-mesh filter (CWMF) for use with public and municipal buses and vehicles.
“Good progress has also been made on attracting interest from U.S. and European OEMs and tier-one suppliers in licensing our ARIS injector system for urea selective catalytic reduction (SCR)-based NOx reduction and the exhaust gas recirculation (EGR)/SCR technology,” noted CDT’s CEO Bernhard Steiner. “We believe the patented EGR/SCR system can achieve the stringent 2010 NOx limits.”
He also said the company expects revenue growth in the near term as local and state funding becomes more available and its technologies continue to gain broader acceptance, specifically pointing to the recently approved U.S. House bill and Senate bill to provide $1 billion, over five years, to support retrofit of existing engines – greatly increase the funds available to retrofit 11 million existing diesel engines in the U.S.