Advanced gas deal

ADVANCED Engine Components has announced the signing of an alliance agreement with Motive Energy, a supplier of fleet services for natural gas fuelled vehicles.Under the agreement, AEC will reconfigure six pre-production Isuzu truck engines to enable the use of natural gas as the fuel source. AEC expects the alliance to create sales revenue of between $20 million and $34 million over a four-year period, commencing in Dec-ember. Through the alliance agreement, and subject to performance criteria on related contracts, AEC has the right to acquire an 8.3 per cent stake in Motive. AEC will invoice Motive an agreed amount for its engine and truck development services.AEC is entitled to subscribe for shares in Motive as each engine development is completed. The total subscription value will not exceed the revenue earned by AEC for its services.AEC said the first of three engine applications is nearing completion. A further two natural gas engines will complete road tests and be returned to Motive in November.


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