Leader in advanced emission control technologies, Clean Diesel Technologies, Inc. (NASDAQ:CDTI), announces it has reached a partnership agreement with DENSO.
OXNARD, Calif., Jan. 24, 2017 (GLOBE NEWSWIRE) — Clean Diesel Technologies, Inc. (Nasdaq:CDTI) (“CDTi” or “the Company”), a leader in advanced emission control technology, has partnered with DENSO Products and Services Americas Inc., an affiliate of leading global automotive supplier DENSO Corp., to supply CDTi’s enabling technologies to the North American heavy-duty market. Under the scope of the partnership the two companies will launch PowerEdge diesel after-treatment, which will be distributed by DENSO and manufactured by CDTi featuring CDTi’s Diesel Particulate Filter (DPF) and Diesel Oxidation Catalyst (DOC) technologies.
“This partnership reflects our continued success in positioning CDTi as a provider of emissions solutions to the global automotive market,” stated Matthew Beale, CDTi’s CEO. “DENSO’s choice of CDTi provides further evidence of our growing technology leadership in the world’s largest heavy-duty markets. We are excited to add DENSO to our growing customer base of global manufacturing and distribution partners.”
“DENSO strives to provide our customers with innovative products that contribute to the productivity of their businesses,” stated Frank Jenkins, senior manager of DENSO’s Heavy Duty Marketing Group, DENSO Products and Services Americas, Inc. “CDTi shares our commitment to product reliability and durability, rigorous safety and performance standards, innovation, customer service and environmental stewardship.”
“Partnering with DENSO supports our continued commercial momentum in the large, fast-growing opportunity for OE-quality after-treatment solutions in North America,” stated Jason P. Soika, CDTi’s Vice President, Sales & Marketing. “This agreement significantly expands our reach into the multi-million-dollar market for replacement DPFs and DOCs. In addition, being selected as a supplier for DENSO further validates the quality of our OEM replacement products.”
Collaborating with CDTI enables DENSO to offer customers an extended range of application coverage by consolidating more than 260 original equipment (OE) part numbers to less than 80. The all-makes strategy provides inventory efficiency by managing fewer SKUs while providing customers with optimal application coverage. Additionally, CDTi is continually introducing OE replacements for emerging applications and monitoring product lifecycle to ensure the portfolio aligns with newly introduced and outgoing technologies.
Diesel Particulate Filter (DPF)A diesel particulate filter, or DPF, is a system that filters exhaust gas flow to capture solid particulate matter (PM) — created as a byproduct of the internal combustion process. DPFs have been used as pollution control devices for both on- and off-road vehicles and equipment since the 1980s. Designed and manufactured in North America, CDTi’s DPFs are exact-fit OEM replacements that meet or exceed OEM emissions requirements and are backed by an industry-leading 2-year, unlimited mileage warranty.
Diesel Oxidation Catalyst (DOC)A diesel oxidation catalyst, or DOC, is a device that utilizes complex chemical processes to transform hazardous pollutants from diesel engines, turning them into less harmful exhaust, similar to an automobile’s catalytic converter. DOCs are normally honeycombs coated with an active catalyst formulation, engineered in combination with a DPF, to dramatically reduce particulate matter (PM) by 90% along with reducing other dangerous gaseous emissions by 50% to 70%.
About CDTiCDTi 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 the Company’s 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.
About DENSO Corporation DENSO Corp., headquartered in Kariya, Aichi prefecture, Japan, is a leading global automotive supplier of advanced technology, systems and components in the areas of thermal, powertrain control, electronics, information and safety. Its customers include all the world’s major carmakers. Worldwide, the company has more than 200 subsidiaries and affiliates in 38 countries and regions (including Japan) and employs more than 150,000 people. Consolidated global sales for the fiscal year ending March 31, 2016, totaled US$40.2 billion. Last fiscal year, DENSO spent 8.8 percent of its global consolidated sales on research and development. DENSO common stock is traded on the Tokyo and Nagoya stock exchanges. For more information, go to www.globaldenso.com or visit our media website at http://www.globaldenso.com/en/newsreleases/media-center/.
Forward-Looking StatementsCertain 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 the acceleration of the Company’s business transformation into an advanced materials company, the conversion of outstanding indebtedness into common stock, global trends in the automotive and heavy duty diesel markets, the Company’s future financial performance, and the performance of the Company’s technology, are all subject to risks and uncertainties that could cause our actual results and financial position to differ materially. 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) successfully implement, or implement at all, its strategic priorities; (b) streamline its operations or align its organization and infrastructure with the anticipated business; (c) meet expectations or projections; (d) decrease costs; (e) increase sales; (f) obtain adequate funding; (g) retain or secure customers; (h) increase its customer base; (i) protect its intellectual property; (j) successfully evolve into an advanced materials supplier or, even if successful, increase profitability; (k) successfully market new products; (l) obtain product verifications or approvals; (m) attract or retain key personnel; (n) validate, optimize and scale our powder-to-coat capability; or (o) 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 and any subsequent periodic reports on Form 10-Q and Form 8-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.
Clean Diesel Technologies, Inc. (NASDAQ:CDTI) shares are trading +21.21% on the news and in the range of $2.32 – 3.05 during the current trading session. When taking a look at which direction the stock might be headed, investors often look to brokerage analysts who cover the stock. Sell-side research firms on Wall Street currently have a consensus one-year price target of $3.87 on the stock. This is according to brokerage analysts polled by Thomson Reuters First Call.
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Sell-side analysts are projecting earnings per share of $-0.02 for the next fiscal quarter. For the current year, analysts are predicting earnings of $-2.43 per share according to First Call.
In looking at where the stock is trading on a technical level, the stock is trading +8.99% away from its 50-day moving average of $2.20. Based on the most recent available data, the equity is -53.91% off of its 52-week high of $5.21 and +60.00% away from its 52-week low which is $1.50.
Today, the stock opened at $2.44 and the last bid at the time of writing stood at $2.40. During the session thus far, the equity dipped down to $2.32 and touched $3.05 as the high point. Clean Diesel Technologies, Inc. (NASDAQ:CDTI) has a market cap of $25.28M and has seen an average daily volume of 58,069 over the past three months.
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