Spinel is the proprietary clean emissions exhaust technology produced by CDTi and expected to dramatically reduce the cost for auto manufacturers to attain increasingly stringent clean air standards.
According to the company, the initial vehicle tests were conducted at an independent test facility using the industry standard Federal Test Procedure (FTP) on a model year 2014 Buick Regal 2.0 liter turbo-charged gasoline direct injection (GDI) engine. Ultimately, the data demonstrated that a Spinel underfloor catalyst with 97% less platinum group metal (PGM) achieved emissions control performance equivalent to the original equipment manufacturer (OEM) catalyst.
It is worth mentioning that for many passenger cars, these levels of PGM reduction could translate into double-digit dollar cost savings per vehicle, reinforcing Spinel’s strong value proposition for OEMs.
Chris Harris, president and CEO of CDTi, said:
These encouraging initial results from rigorous FTP testing demonstrate the significant potential of our Spinel technology. Spinel could provide OEMs with a cost-effective solution as they face the prospect of increased PGM usage while phasing in next-generation fuel-efficient engines that must meet tighter emission regulations. Passenger cars typically have two catalysts for different exhaust zones, and our program was designed to develop and test proprietary Spinel systems for the underfloor position first and then move on to testing the close-coupled catalyst. These initial results suggest we now have an ultra-low PGM option for underfloor catalysts. In addition, analysis of the post-test catalysts have provided insights into further improvements, reinforcing the possibility that Spinel eventually might be able to eliminate PGMs altogether. We continue with validation testing on close-coupled catalysts, and we expect to report those results later this year.
Shares of CDTi were up about 38% at $2.83 late Tuesday morning. The stock has a consensus analyst price target of $2.75 and a 52-week trading range of $1.41 to $3.97.
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