Rival reaches funding agreement for continuous water injection
Rival Technologies Inc. announced that Sustainable Development Technology Canada (SDTC), a foundation created by the Canadian Government, has agreed to fund a substantial portion of development costs for continuous water injection (CWI) technology. Rival is part of a consortium that includes SDTC, MA Turbo/Engine Ltd. and Finning International Inc...
VANCOUVER, BC, Canada, Nov. 4, 2004 (BUSINESS WIRE) -- Rival Technologies Inc. announced that Sustainable Development Technology Canada (SDTC), a foundation created by the Canadian Government, has agreed to fund a substantial portion of development costs for continuous water injection (CWI) technology.
Rival is part of a consortium that includes SDTC, MA Turbo/Engine Ltd. and Finning International Inc.
The agreement results in a jointly funded association to develop CWI technology, while entitling Rival to retain intellectual property rights. The project, with a total budget of about C$1 million [C$1 = US$0.83], will focus on port equipment using diesel engines. This development will allow Rival to expand its focus to off road diesel equipment. Rival remains committed to funding development of CWI Technology for on road diesel Trucks and Buses.
Installing CWI Technology on diesel engines results in reduced harmful nitrogen oxide and smoke emissions, improved fuel efficiency and cleaner engine operation. The British Columbia Ferries Corporation has conducted extensive research and testing on marine diesel engines using CWI Technology.
SDTC is a Canadian Government, not-for-profit foundation financing and supporting the development of clean technologies that provide solutions to issues of climate change and air quality. The Foundation's partnerships deliver economic, environmental and health benefits, drawing from an investment fund of C$350 million. CWI Technology went through an extensive evaluation by SDTC prior to approval for funding.
Finning International Inc. is an international corporation that sells, rents, finances, and provides customer support services for Caterpillar equipment and engines and complimentary equipment. In 2003, Finning achieved revenues of C$3.59 billion serving its principal markets in western Canada, the U.K. and South America. Finning will provide facilities and equipment for testing CWI Technology.
Robin J. Harvey, president and CEO of Rival Technologies stated, "Our partnership with SDTC, MA Turbo and Finning will assist Rival in developing emission products for existing diesel operators."