published: March 25, 2010
VANCOUVER, BC –Westport Innovations Inc. (TSX:WPT/ NASDAQ:WPRT), a global leader in alternative fuel, low-emissions transportation technologies, today announced that Westport, in collaboration with Grütter Consulting, has launched a program to monetize the carbon emission reductions associated with Cummins Westport (CWI) and Westport HD natural gas engines.
The Westport Carbon Project (WCP) is in the process of being registered with the internationally acclaimed Voluntary Carbon Market Standard (VCS) and will be the first VCS transport project and one of the largest voluntary carbon market projects worldwide. It is estimated that a natural gas heavy duty truck helps reduce green house gas emissions by 40 tonnes and approximately 20 tonnes per year for natural gas buses compared to an equivalent diesel engine. Westport and CWI natural gas powered vehicles sold since January 01, 2009 will be eligible for carbon credits based on an agreed price per tonne. Current carbon credits for this type of emission reduction program can receive up to $25 per tonne.
“Westport strives to offer heavy-duty vehicle engines with leading environmental performance,” said Karen Hamberg, Director of Sustainability and Environmental Performance for Westport. “The WCP validates the emissions reduction benefits of natural gas engines and further supports the economic and environmental value proposition we offer to customers.”
Westport heavy-duty natural gas engines offer class-leading emissions performance while maintaining equal horsepower, torque, and efficiency to diesel-fuelled engines. The use of liquefied natural gas (LNG), compressed natural gas (CNG) or biomethane (purified biogas) provides heavy-duty trucks greenhouse gas emissions reductions of more than 20% compared to conventional powered diesel trucks and buses. Vehicles sold to fleet owners in various countries worldwide including the USA, Australia, Canada and China will be included in the WCP.
Emission reduction calculations are based on an UNFCCC (United Nations Framework for Climate Change Convention) approved methodology. The project documentation is currently being reviewed by SQS, a Swiss entity certified by UNFCCC for the validation of climate change projects in the transport field. Upon successful validation and verification the project will be registered as a VCS climate change project and thus vehicles equipped with the Westport engines eligible for carbon credits.
The VCS was developed by The Climate Group, the International Emissions Trading Association (IETA), and the World Business Council for Sustainable Development (WBCSD) with input from a range of business, government and non-government organizations. It was established to provide a rigourous, trustworthy, and innovative global standard and validation and verification program for voluntary greenhouse gas offsets. All voluntary carbon units (VCU) are real, measurable, permanent, additional, conservative, independently verified, unique and transparent. For more information see www.v-c-s.org
Grütter Consulting is a leading advisory firm on carbon finance and transport with activities worldwide. Five out of seven approved UNFCCC methodologies for the transport sector have been developed by the consultancy and around 80% of all carbon finance transport projects in the regulated and voluntary carbon markets have been developed by the company. The consultancy is assisting Westport to achieve VCS registration. For more information see www.transport-ghg.com
Westport Innovations Inc. is a leading global supplier of proprietary solutions 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. The Westport GX engine and LNG system for heavy duty Class 8 trucks offers class-leading emissions and allows trucking fleets to move to lower-cost, domestically available natural gas. Cummins Westport Inc., Westport’s joint venture with Cummins Inc., manufactures and sells the world's broadest range of low-emissions alternative fuel engines for commercial transportation applications such as trucks and buses. BTIC Westport Inc., Westport’s joint venture with Beijing Tianhai Industry Co. Ltd., manufactures and sells LNG fuel tanks for vehicles. Westport’s joint venture with OMVL SpA, Juniper Engines Inc., offers light-duty LPG engine solutions for industrial applications such as forklifts. To learn more about our business, visit our website or subscribe to our RSS feed at www.westport.com, or follow us on Twitter @WestportWPRT
Note: This document contains forward-looking statements about Westport’s business, operations, technology development or the environment in which it operates, including statements relating to the production, efficiency, performance, emissions, benefits, timing, systems and processes and demand for products, which are based on Westport’s estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, or are beyond Westport’s control and are discussed in Westport’s most recent Annual Information Form and filings with securities regulators. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. Westport disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
At Westport Fuel Systems, we are driving innovation to power a cleaner tomorrow. We are inventors, engineers, manufacturers and suppliers of advanced clean-burning fuel systems and components that can change the way the world moves. Our technology delivers performance, fuel efficiency and environmental benefits to address the challenges of global climate change and urban air quality. Headquartered in Vancouver, Canada, we serve our customers in more than 70 countries with leading global transportation and industrial application brands. At Westport Fuel Systems, we think ahead. For more information, visit www.wfsinc.com.
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).
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