published: January 11, 2017
VANCOUVER, BC – Westport Fuel Systems Inc. (“Westport Fuel Systems”) (TSX:WPRT / Nasdaq:WPRT) today commended the publication of a new study by West Virginia University scientists at the Center for Alternative Fuels, Engines and Emissions (“CAFEE”) quantifying methane emissions from heavy-duty natural gas-powered vehicles and refueling stations. CAFEE scientists collaborated on the study with the Environmental Defense Fund (“EDF”) and a group of global natural gas industry leaders including the American Gas Association, Chart Industries, Clean Energy, Cummins, Cummins Westport, International Council on Clean Transportation, PepsiCo, Shell, Volvo Group, Waste Management, and Westport Fuel Systems. The study was published online by the journal Environmental Science & Technology and the results greatly expand on the very limited data on methane emissions from natural gas vehicles.
“This study offers a critical baseline by which ongoing product and technology enhancements can be measured, as it represents the first significant effort to quantify actual in-use methane emissions from natural gas filling stations and heavy-duty vehicles”, said Karen Hamberg, Vice-President of Natural Gas Industry and Government Relations. “Natural gas-fueled vehicles are expected to play a greater role in future transportation to meet the global regulatory trend for more stringent greenhouse gas emission (“GHG”) reductions. The natural gas vehicle industry has already implemented technology solutions to dramatically minimize, or in some cases, eliminate the largest sources of methane emissions from vehicle tailpipe, crankcase ventilation, and dynamic venting that were identified in the study.”
“We have seen global interest in Westport High Pressure Direct Injection 2.0 (“Westport™ HPDI 2.0”), a next generation natural gas technology that is optimal for heavy-duty vehicles. Westport™ HPDI 2.0 features further improvements to maximize the GHG benefits of natural gas, such as the capture of dynamic venting. It is the only natural gas engine technology that can achieve diesel engine efficiency within 1% with inherently low engine-out unburnt methane emissions.”
For the North American market, the newly launched ISL G Near Zero 8.9L and ISB6.7 G engines from Cummins Westport Inc., our joint venture with Cummins Inc., feature closed crankcase ventilation that significantly reduces engine-related methane emissions while also meeting California Air Resources Board (“CARB”) optional low NOx standards”, added Hamberg.
For more on the environmental benefits of natural gas for transportation, please visit: http://www.westport.com/is/natural-gas/ghg-benefits-for-ngvs
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.
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.
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.