Westport high pressure direct injection ("HPDI") technology was first imagined and developed in the Mechanical Engineering Department at the University of British Columbia. Dr. Philip Hill questioned whether the diesel engine, the workhorse of the industrial economy, could run on a more abundant, cleaner gaseous fuel with the same performance and fuel efficiency.
Fast forward twenty years, and Dr. Hill and some of his original graduate students continue to work on this very challenge. While urban air quality and oil dependence were some of the initial drivers, the shift to natural gas for transportation has additional benefits, like compelling economics, reduced air pollutant and greenhouse gas (GHG) emissions, and energy security.
Shifting the world to a lower-carbon, less expensive fuel like natural gas is no simple task. Our customers around the globe demand new, economic, sustainable and efficient transport solutions.
Smart people are weighing in, asking questions and contributing their perspective to ensure that the benefits of a shift to a natural gas-powered transportation sector will be realized. We have a responsibility as market leaders to listen, learn and incorporate feedback from all of our stakeholders.
Energy transitions can take time and questions about any new fuel are natural; there is broad consensus, however, that natural gas is a viable option, supported by the more than 17 million light duty and 1.5 million heavy duty natural gas powered vehicles on the road today around the world (Navigant Research 2014).
To advance our vision of sustainability, we have been certified as having met the international standards of ISO 14001:2004 for Environmental Management Systems. This certificate demonstrates our commitment to develop, design, test and assemble engine and fuel system components that meet or exceed the expectations of our original equipment manufacturing partners and customers, and formalizes the effective environmental practice and process at our facilities.
We're pleased to share our progress in our annual sustainability report, providing information on our social and environmental impacts. We've compiled data from several fiscal years to reflect trends, achievements and challenges. We also file an annual report with the Carbon Disclosure Project to track our progress in measuring, disclosing, managing and sharing environmental performance information.
Westport has grown from an innovative research experiment to a global commercial enterprise. Our strength is the result of our willingness to challenge the limits of what is possible and transform transportation systems.
Welcome to the Westport sustainability site. Follow the initiative of Westport—and people everywhere—driving change.
Vice President, Strategy
Westport Fuel Systems Inc.
Early Termination of Debenture Tender Offer and Cancellation of Meeting of Debentureholders
Enhanced Liquidity and Continued Execution on Stated Goals
To coincide with the disclosure, Westport Fuel Systems has also scheduled a conference call on Monday, August 14, 2017 at 2:00 pm Pacific Time (5:00 pm Eastern Time).
Westport Fuel Systems Inc. announced today the exercise of the underwriters' option from its previously announced offering to purchase an additional 2,425,000 common shares at the Offering price of US$1.50 per share. With the exercise of the option, Westport issued a total of 19,125,000 common shares under the offering for gross proceeds of US$28,687,500.
Westport Fuel Systems Inc. announced today the closing of its previously announced offering of 16,700,000 common shares at a price of US$1.50 per share, for gross proceeds of US$25,050,000.