Vancouver, BC -- Westport Innovations Inc. (TSX:WPT / Nasdaq:WPRT), a global leader in alternative fuel, low-emissions transportation technologies, today announced that Juniper Engines Inc. (Juniper), a joint venture between Westport and OMVL SpA (OMVL) of Italy, will be presenting its new 2.0 litre and 2.4 litre alternative fuel engines today at the ProMAT Exposition in Chicago, Illinois.
Juniper’s engines, initially targeting the OEM liquefied petroleum gas (LPG) forklift market, will be fully integrated, high performance, low-emission solutions. The Juniper products are based on the Hyundai Motor Company’s 2.0 litre and 2.4 litre industrial engine platforms, and OMVL’s LPG multipoint injection technology. Juniper will be the manufacturer of record and the products are designed to meet EPA and CARB standards for 2010. The products are expected to be available in the second half of 2009.
“Juniper’s engines have been designed and developed to deliver best-in-class performance, reliability and durability as part of our committed approach to the industrial equipment manufacturers,” said Ian Scott, President of Juniper Engines. “Juniper leverages the complementary strengths of our two parents, Westport and OMVL, to create a leading player in the forklift market. We are proud to have Hyundai Motor Company as a base engine supply partner, bringing its reputation for high quality and advanced industrialized engines.”
“Juniper’s LPG application for the forklift market is a high quality solution representative of Hyundai’s long-standing commitment to deliver a durable, reliable product,” said Jeung-Sig Jeong, General Manager, Engine Business Team at Hyundai Motor Company. “We are excited about the long-term growth opportunities in the industrial market and working with Juniper.”
According to the Industrial Truck Association, approximately 76,000 industrial forklift trucks (Class 4 and Class 5 combined), primarily LPG-fuelled, were sold in North America in 2007.
Juniper’s integrated engine and fuel system solution offers advantages over incumbent products, including:
Juniper, as a single point-of-contact solution provider, can help reduce manufacturing, logistics and support related costs for forklift OEMs. Juniper’s value proposition includes a proven fuel management system that can be applied to a range of engines, access to world class engineering and manufacturing capabilities, a global support network, and a portfolio of advanced technologies for future high-efficiency products.
Juniper has established a comprehensive logistics and after-sales support network through SIT Group, OMVL’s parent company. Juniper's network will service and supply its customers and the markets they service with original parts, service tools and technical support. Juniper's distribution network will also provide OEM engine parts for the Hyundai base engines.
Juniper Engines Inc. is a joint venture between wholly owned subsidiaries of Westport Innovations Inc. (49%) and SIT (51%). Juniper’s initial products are 2.0 litre and 2.4 litre LPG engine solutions for industrial application such as forklifts. The Company is headquartered in Vancouver, Canada with global sales and engineering support in North America, Europe and Asia. The Juniper range of products are based on the proven heritage and innovation of its parent companies to yield customer satisfaction resulting from higher achieved performance, reliability and durability, shorter lead times and advanced technologies. Additional information can found online at www.juniperengines.com.
OMVL is based in Pernumia, Italy and is a leading global player in the alternative fuel vehicles sector. OMVL designs, manufactures and markets complete fuelling systems for new vehicles and for the aftermarket conversion of engines from gasoline (petrol) to CNG and LPG. OMVL is a wholly-owned subsidiary of the SIT Group, an Italian multinational founded in 1953 specializing in safety, monitoring and control systems for domestic gas heating appliances and for alternative fuel vehicles. OMVL currently collaborates with the global manufacturers of motor vehicles, including Volkswagen, Peugeot, Citroën and Ford, with sales in Europe, the Americas and Australasia. OMVL and SIT have production and distribution facilities in Europe, North and South America, Australia, and China.www.sitgroup.it www.omvlgas.it
Established in 1967, Hyundai Motor Co. has grown into the Hyundai Kia Automotive Group which includes over two dozen auto-related subsidiaries and affiliates. Hyundai motor vehicles are sold in 193 countries through some 5000 dealerships and showrooms. Further information about Hyundai Motor Co. and its products is available at www.hyundai-motor.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. 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. www.westport.com
Note: This document contains forward-looking statements about Juniper’s and Westport’s business, operations, technology development or the environment in which it operates, including statements relating to the production, efficiency, performance, emissions, benefits, timing and demand for products, which are based on Juniper’s and 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 Juniper’s and 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. Juniper and 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 a leading supplier of advanced fuel delivery components and systems for clean, low-carbon fuels such as natural gas, renewable natural gas, propane, and hydrogen to the global automotive industry. Our technology delivers the performance and fuel efficiency required by transportation applications and the environmental benefits that address climate change and urban air quality challenges. Headquartered in Vancouver, Canada, with operations in Europe, Asia, North America and South America, 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.
$6.0 Million of Principal Payments Deferred to Improve Liquidity
Westport Fuel Systems today announced it will temporarily suspend production at its facilities in Cherasco and Albinea, Italy.
Strong 2019 Financial Performance
Westport Fuel Systems today announced the decision to temporarily suspend production in its Brescia, Italy facility effective immediately.
Westport Fuel Systems Inc. today announced that it will disclose its financial results for the fourth quarter and year ended December 31, 2019 on Tuesday, March 17, 2020 after market close.