published: November 16, 2009
VANCOUVER, BC – Westport Innovations Inc. (TSX:WPT/ NASDAQ:WPRT), a global leader in alternative fuel, low-emissions transportation technologies, today announced that Volvo has entered into an agreement with Westport as a Tier 1 Development Supplier for its heavy duty natural gas engines and associated supply chain. Westport will supply its Westport HD technology and work together with the Gothenburg, Sweden engine manufacturer to qualify appropriate suppliers consistent with Volvo volume and quality expectations. The new natural gas engines are expected to meet future European emission requirements.
“High energy efficiency and low emissions of greenhouse gases are a key focus for our strategic development efforts as natural gas and its renewable fuels counterpart, biogas, quickly become the mainstream alternative fuel choice for heavy-duty engines. We are excited to be working together with a global leader who recognizes the importance of both performance and environmental stewardship,” stated David Demers, CEO of Westport Innovations Inc.
In July 2008, Westport announced an agreement with Volvo to integrate and test Westport’s HD system on Volvo engines. Under the new agreements, Westport and Volvo will share program development expenses. The agreement requires Westport and Volvo to work to negotiate further agreements regarding certain elements of the development program. It also requires Westport and Volvo to satisfy certain milestones in order for the development program to continue, including the completion of the relevant technological, engineering and cost requirements and the completion of the further agreements.
Westport, a division of Westport Fuel Systems Inc., engineers the world’s most advanced natural gas engines and vehicles. We work with original equipment manufacturers worldwide from design through to production, creating products to meet the growing demand for vehicle technology that will reduce both emissions and fuel costs. To learn more about our business, visit www.westport.com, subscribe to our RSS feed, or follow us on Twitter @WestportDotCom.
This document contains forward-looking statements, including statements regarding the demand for our products, the future success of our business and technology strategies, investment, cash and capital requirements, intentions of partners and potential customers, the performance and competitiveness of our products and expansion of product coverage, future market opportunities, speed of adoption of natural gas for transportation, growth in demand as a result of new emission standards and terms of future agreements. These statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties and are based on assumptions that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activities, performance or achievements expressed in or implied by these forward looking statements. These risks and assumptions include risks and assumptions related to our revenue growth, operating results, industry and products, the general economy, conditions of and access to the capital and debt markets, governmental policies and regulation, technology innovations, fluctuations in foreign exchange rates, global government stimulus packages, the acceptance of natural gas vehicles in fleet markets, the relaxation or waiver of fuel emission standards, the inability of fleets to access capital or government funding to purchase natural gas vehicles, the sufficiency of bio methane for use in our vehicles, the development of competing technologies as well as other risk factors and assumptions that may affect our actual results, performance or achievements or financial position discussed in our most recent Annual Information Form and other filings with securities regulators. Readers should not place undue reliance on any such forward-looking statements, which speak only as of the date they were made. We disclaim any obligation to publicly update or revise such statements to reflect any change in our expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward looking statements except as required by National Instrument 51-102.
Sale in-line with previously announced portfolio review
Both companies are part of Westport Fuel Systems family of brands
Feature brands include BRC, Cubogas, EMER, GFI, Prins, OMVL, Valtek and Zavoli
Solid finish to 2016 Taking action to address upcoming liquidity needs
To coincide with the disclosure, Westport Fuel Systems has also scheduled a conference call for Monday, March 27, 2017 at 2:00 pm Pacific Time (5:00 pm Eastern Time).
1750 West 75th Avenue, Suite 101
Vancouver, British Columbia
Canada, V6P 6G2