published: September 23, 2014
VANCOUVER, BC – Westport Innovations Inc. (TSX:WPT / NASDAQ:WPRT), engineering the world's most advanced natural gas engines and vehicles, today is unveiling its newest proprietary technology, the first generation of an enhanced spark-ignited (ESI) natural gas system. Westport's new revolutionary approach to natural gas combustion technology is designed to provide vehicle and engine original equipment manufacturers (OEMs) with a "downsized" natural gas solution that is cost competitive while providing similar levels of power, torque, and fuel economy to a larger diesel engine. Using 100% dedicated natural gas as fuel, Westport's new technology optimizes the combustion and thermal efficiencies of the engine by taking advantage of the positive properties of natural gas.
Developed to meet the highest level of OEM quality standards, Westport's new combustion system and components have been undergoing testing and offer ready integration into OEM applications globally. Its durability and reliability levels are expected to meet an OEM's extensive engine development program. The Westport™ ESI combustion system is targeted at sub 9L engines for Class 6 and 7 truck applications and is also adaptable for sub 2L applications for use in automotive and non-automotive applications.
"As gasoline and diesel engines progress, it is critical that OEMs offer natural gas engines that retain their expected performance while providing the environmental and economic benefits of natural gas," said Jack Keaton, Westport EVP of Global Spark Ignited Direct Injection. "Westport is taking its technology leadership to the next level by introducing a long term technology solution that allows improvements in engine performance and fuel economy, thus offering highly attractive operating costs and a low emissions profile. As the ESI technology continues to be developed, Westport will incorporate competitive performance upgrades to support the longevity of this system."
Westport is currently in various stages of development and negotiation with several vehicle and engine OEMs for ESI applications in medium-duty truck and automotive applications.
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 about Westport’s business, operations, technology development or the environment in which it operates, 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. 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.
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.