PR Newswire | 05 Nov, 2014
NEW DELHI: Clean Diesel Technologies Inc., (Nasdaq: CDTI), a leader in advanced emission control technology, announced today new proprietary technology to replace costly use of platinum group and rare earth metals in catalytic converters. CDTi has been granted the first two of a family of patents for Spinelâ¢, a proprietary clean emissions exhaust technology that will dramatically reduce the cost of attaining more stringent clean air standards.
The new technology will power multiple catalytic product lines that the Company believes will be highly disruptive to the traditional platinum-based or rare-earth based device industry. This is CDTi's first public announcement regarding Spinel technology, the development of which has been kept confidential until now.
About Spinel
A family of proprietary materials using various base metals that replace costly platinum group metals (PGMs) and rare earth metals in coatings on standard catalytic converters
Works across a wide range of engine and vehicle applications - both diesel and gasoline
Advanced testing underway on production models of popular passenger cars and heavy duty vehicles at respected independent vehicle test facilities
Spinel Significance and Benefits
Potentially saves OEMs billions of dollars by cutting out expensive platinum group metals and rare earth metals
Currently OEMs spend over $6 billion a year on PGMs (source: Derived from Johnson Matthey PLC: Platinum 2013 Interim Review)
Enables early cost-effective compliance with stricter emissions standards in the U.S. and around the world
Mitigates OEM exposure to extreme price volatility in the PGM and rare earth markets
CEO Chris Harris commented, "Currently, global OEMs annually spend billions of dollars on PGMs and rare earth metals. These costs are expected to dramatically increase with conventional technology as new emissions regulations kick in. Spinel solves a major industry supply and cost problem and marks a major breakthrough both for us and for all OEMs around the world manufacturing fossil fuel-powered engines."
CTO Dr. Stephen Golden added, "The Spinel technology is the result of hard work and ingenuity by our world-class R&D team. It is an entirely new materials science pathway to meeting tighter regulations at much lower cost. Key validation vehicle testing is underway in parallel to aggressively building a broad IP portfolio as we incorporate Spinel into specific products for global OEMs."
For more information on CDTi's Spinel technology, please visit www.cdti.com/spinel.
About CDTi
CDTi is a vertically integrated global manufacturer and distributor of emission control systems and products, focused on the light duty vehicle and heavy duty diesel markets. CDTi utilizes its proprietary patented Mixed Phase Catalyst (MPC®) technology and other related technologies to provide high-value sustainable solutions to reduce emissions, increase energy efficiency and lower the carbon intensity of on-and-off-road combustion engine systems. CDTi is headquartered in Oxnard, California and currently has operations in the U.S., the U.K., Canada, France, Japan and Sweden. For more information, please visit www.cdti.com.
About Platinum Groups Metals (PGMs)
Expensive PGM metals, which include platinum, palladium and rhodium, are used in the manufacture of emission control catalysts, with palladium and rhodium being the primary components used in catalysts serving the global light duty vehicle market. According to Johnson Matthey PLC's 'Platinum 2013 Interim Review,' in 2013, over 70% of all primary platinum and 80% of all primary rhodium produced are originated in Southern Africa. Russia and Southern Africa combined supplied over 75% of palladium.
About Rare Earth Metals
Rare earth metals such as cerium, neodymium and lanthanum, also referred to as rare earth elements, are chemical elements used in many devices that people use every day, including computers, cell phones, rechargeable batteries and catalytic converters. As the global demand for these devices increases the use of rare earth metals is expected to rise. According to a 2014 U.S. Geological Survey Mineral Commodity Summary, the estimated value of refined rare earth metals imported by the U.S. in 2013 was $260 million. An estimated 79% of rare earth metals used in the U.S. were imported from China with 65% utilized in catalysts.
Media Contact: Advait Soman, advait@the-practice.net, +91-11-46504100, The PRactice
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