published: October 19, 2012
Westport Innovations Inc. (NASDAQ:WPRT / TSX:WPT), the global leader in natural gas engines, is lowering the price of its industry-leading Westport WiNG™ Power System. By making natural gas vehicles (NVGs) more affordable and accessible for U.S. truck fleets, the company is helping to reduce reliance on imported oil while supporting economic growth.
Starting with the 2013 Ford F-250 and F-350 Super Duty pickup truck models, the Westport WiNG™ System will be priced at an industry-leading $9,500 (down from $9,750). To achieve the reduction, Westport worked with its suppliers to lower the cost of components, while maintaining quality and performance standards.
Announced in 2011 and now in full production, the Westport WiNG™ System powers Ford’s F-250 and F-350 trucks with a bi-fuel system (CNG and gasoline) that can save fleets up to $2 or more per gallon in fuel costs and demonstrate positive payback in about two years. The Westport WiNG™ System also eliminates risk or anxiety in long distance driving with a 300-mile driving range on compressed natural gas (CNG) alone, and 650-mile range with both tanks full.
“We are doing this to make CNG vehicles more accessible to large and small fleets as well as to individuals,” said John Lapetz Westport LD VP and Managing Director. “Westport feels it is extremely important to accelerate the adoption of natural gas vehicles that have the potential to cut operating costs, reduce emissions and take advantage of an abundant, domestic resource.”
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 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.
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.
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