Monday, September 24, 2007

Clean Diesel licenses emissions tech to Tenneco

Clean Diesel Technologies Inc. of Stamford, Conn., has signed a worldwide, non-exclusive licensing agreement for its emissions reduction technology with auto parts maker Tenneco Inc. of Illinois, according to Clean Diesel officials.

Clean Diesel executives report the agreement calls for the company to receive upfront fees and per-unit royalties. Specific financial details of the agreement were not disclosed.

The deal includes licenses for the mobile applications of Clean Diesel's emission control systems and related patents. Also included are technologies related to hydrocarbon injection for lean NOx traps, other NOx absorbers and catalysts, as well as for diesel particulate filter regeneration. Potential markets include on-road and off-road vehicles, as well as railroad and marine applications.

Tenneco is a $4.7 billion maker of emissions and ride control products for vehicles.

Clean Diesel, which trades over the counter on London's AIM exchange and on other international exchanges, reported revenue of $1.5 million, with a net loss of $2.3 million, for the first six months of 2007.

In June, the company filed documents with the U.S. Securities and Exchange Commission to register its shares for inclusion on the Nasdaq exchange. A date for the offering has not been set.