Shares of Clean Diesel Technologies Inc. (NASDAQ: CDTI) are up sharply this morning following verification of the company’s Purifilter emissions reduction system for diesel engines by the U.S. Environmental Protection Agency. Shares have nearly returned to their level prior to the company’s disappointing third-quarter results, which came out earlier this month.
According to the press release, the system:
addresses exhaust gas recirculation (“EGR”) equipped heavy duty trucks currently subject to EPA retrofit requirements in the United States, excluding California. CDTi is well underway in a full verification process with the California Air Resources Board (“CARB”) for verification in California. Purifilter(R) EGR is currently being sold and installed in California under an Executive Order pursuant to an After-Market Add-on Parts Exemption issued by CARB pending issuance of full and final verification.
The company’s CEO said:
With EPA verification granted and CARB verification pending for this advanced EGR filter solution, CDTi can assist fleet managers nationwide in retrofitting their vehicles to meet the stringent EPA/CARB diesel reduction requirements.
Shares are up about 15% at $2.48, in a 52-week range of $1.93 to $5.28. Volume is about 1.5 times the average daily volume of around 96,000 shares traded.