Stamford, CT-based Clean Diesel Technologies, Inc. (Clean Diesel) today announced it has raised $6.3 million (3.6-million British Pounds) from several existing and new shareholders as well as directors and management. As a result, it will issue 8.89 million new shares (at approximately $0.74 per share) for a total of 26.1-million shares outstanding.
Clean Diesel is a developer of chemical and technological solutions to reduce harmful engine emissions.
Bernhard Steiner, CEO of Clean Diesel, commented, “We are delighted by the confidence that is being shown in Clean Diesel by investors and management alike,” stated CEO Bernhard Steiner. “The funds will enable us to continue the commercialization and development of our core products. Furthermore, we intend to enhance our international sales and marketing programs and put our first class technologies in front of key potential customers.
“Clean Diesel expects to benefit from recently announced U.S. and European emission initiatives including recently approved U.S. congressional bills that are expected to provide $1 billion over the next five years to clean up the existing 11 million U.S. diesel engines,” he continued.
“In Europe, plans to implement clean air zones in major urban areas have been announced, with individual member states providing specific funding and incentives. The increased sources of grant funding should accelerate acceptance of our key technologies and enhance prospects for earlier revenue generation,” Steiner added.
For more information, go to www.cdti.com.