published: March 24, 2010
VANCOUVER,BC– Cummins Westport Inc. (“CWI”), a leading provider of high-performance, alternative fuel engines for the global market, and Cummins India Ltd. (“CIL”) announced today that CIL has received purchase orders for 460 natural gas engines to customers outside of Delhi. The B Gas Plus and B Gas International engines, powered by compressed natural gas (CNG), are licensed by CWI and manufactured by CIL.
“India continues to build its world leading eco-friendly transit fleet,” said Roe East, CWI’s President. “We are seeing orders from new customers in the region who have recognized our natural gas engines as best in class. Helping increase natural gas engine proliferation, the Indian government is getting behind the push for emission reductions with stimulus funding.”
The Government of India unveiled a transport stimulus package on February 3, 2009, to provide central funding to purchase buses for urban transport systems. The Ministry of Urban Development will provide financial assistance for purchasing public transport buses, as part of a national effort to reduce the use of private vehicles and control congestion. The Jawaharlal Nehru National Urban Renewal Mission (JnNURM), a government program, has allocated $58 billion to 63 cities to help modernize and improve quality of life.
According to NGVAmerica, the New Delhi Natural Gas Vehicle Program has halved the air pollution in comparison to ten years ago. Approximately 60,000 auto rickshaws inNew Delhi,Indiawere required to convert to compressed natural gas (CNG) for fuel. A decade later, the government has issued a report hailing the success of the program, showing that, while the number of vehicles on the road has doubled, the pollution rate has halved. Outside ofNew Delhi, ten other major Indian cities also have aggressive natural gas vehicle conversion programs. As a result, the amount of petroleum used in the country has been cut dramatically from projected levels—a significant and cost-saving achievement for a country that has to import 70% of its diesel and gasoline.
Cummins Westport Inc. designs, engineers and markets 6–12 liter spark-ignited natural gas engines for North American commercial transportation applications such as trucks and buses. Cummins Westport is a joint venture of Cummins Inc. (NYSE:CMI), a corporation of complementary business units that design, manufacture, distribute and service engines and related technologies, including fuel systems, controls, air handling, filtration, emission solutions and electrical power generation systems, and Westport Fuel Systems Inc. (NASDAQ/TSX: WPRT), a global leader in alternative fuel, low-emissions technologies that allow engines to operate on clean-burning fuels such as compressed natural gas (CNG), liquefied natural gas (LNG), hydrogen, and biofuels such as landfill gas. For more information, visit www.cumminswestport.com.
Cummins India Limited, headquartered in Pune since 1962, is the country's leading manufacturer of diesel and natural gas engines for power generation, industrial and automotive markets. Cummins India Limited is the largest among the Cummins affiliated companies in India.
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.
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.
Westport Fuel Systems will offer 16,700,000 common shares at a price of US$1.50 per share, for gross proceeds of US$25,050,000.
Westport Fuel Systems Inc. announced today that it expects Q2 2017 revenues to be $57-$59 million for the quarter ended June 30, 2017 and a cash balance of approximately $87 million at June 30, 2017.
Westport Fuel Systems Inc. announced today that it intends to offer and sell common shares in an underwritten public offering.
Midrange B6.7N Engine is a Natural Choice for the School Bus Market.