Clean Diesel Technologies (CDTi) reached an agreement to convert $8.5 million in debt into its common stock, the company revealed in second quarter financial results ending June 30.
The results also revealed that the company received a $1.25 million investment from Haldor Topsoe A/S. CDTi founded a relationship with the company to combine CDTis technology with Haldor Topsoe’s product capabilities to have a global reach within the heavy duty diesel market, according to the company.
“Our advanced materials strategy aligns with highly favorable global trends in the automotive and heavy duty diesel markets and with the needs of market participants. This has accelerated our commercial momentum as a technology partner as recent agreements with leading global players including Panasonic and Haldor Topsoe provide the foundation for a diversified and growing revenue base,” said Matthew Beale, CDTi’s CEO, “The market opportunities in China and India are particularly significant as our international partners and domestic suppliers require technology to cost-effectively address increasingly stringent emissions standards.”
The results also noted total revenue has having reached $8.4 million, compared to $9.9 million during the same period last year, and setting gross margin at 20%, compared to 28% of last year. Meanwhile, total operating expenses in the second quarter of 2016 were $4.8 million, compared to $4.9 million in the second quarter of 2015.
When analyzing the first six months of 2016, the results highlighted total revenue at $18.2 million, gross margin at 24%, and total operating costs at $10.8 million.