VANCOUVER, BC – Westport Innovations Inc. (TSX:WPT/NASDAQ:WPRT), the global leader in natural gas engines, today announced an agreement with leading global clean energy provider ENN Group aimed at the proliferation of natural gas and liquefied natural gas (LNG) transportation solutions and fuel for on-road, off-road, rail and marine applications. ENN is one of China's largest private companies with more than 30,000 employees. Highlights of the agreement include:
ENN is active across a wide range of energy services, including municipal and home energy services, and has been aggressively building out its LNG fueling business in China, with more than 238 natural gas stations in 59 cities, and plans to develop LNG liquefaction plants and LNG stations in North America. By leveraging the world-leading expertise in natural gas vehicle technology and fuelling infrastructure of each partner, this agreement is expected to accelerate the adoption of natural gas transportation.
"ENN has been aggressively increasing the capacity for natural gas transportation across the spectrum of vehicles, and with this agreement, we will work strategically to increase the number of vehicles, fleets, and infrastructure for passenger vehicles, trucks, marine, rail and mining industries," said David Demers, CEO of Westport. "They are an extremely innovative and entrepreneurial company so we can expect a rapid response to demands in existing markets."
|Yusuo Wang, Chairman, ENN Group and David Demers, Westport CEO, sign a new partnership to expand global natural gas transportation solutions.|
|Yusuo Wang, Chairman, ENN Group and David Demers, Westport CEO, celebrate the new partnership in front of the Westport 15L powered Peterbilt 367 truck in Vancouver, B.C.|
Since its founding in 1989, ENN Group's mission has been to create innovative ways of producing and using cleaner energy. ENN's vision is to provide solutions worldwide and become a globally respected clean-energy company.The Company's innovations in clean energy conversion from coal and the ubiquitous energy network that combine energy conservation, emission reductions and renewable energy, allow ENN to more efficiently utilize traditional energy sources. ENN's cleaner energy solutions provide clients with innovative ways of meeting emission targets that can both cut costs and protect the environment. Following a vertically integrated business model, ENN has found synergies that have allowed it to expand into energy distribution, intelligent energy, energy chemicals and solar energy.
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.
Note: 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 include specifically, statements regarding the future construction of liquefaction and fuel stations, operation of ENN's truck fleet on LNG and the results of the co-marketing agreement. These statements are not guarantees of future performance, are based on a number of assumptions and involve known and unknown risks and uncertainties that are difficult to predict, or are beyond Westport’s control including the development of competing products and technologies, availability and supply of natural gas, price and supply of gasoline, timing of execution of agreements with distributors and other counterparties, and other risk factors and assumptions that may affect our actual results, performance or achievements. 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 except as required by National Instrument 51-102. The contents of any website, RSS feed or Twitter account referenced in this press release are not incorporated by reference herein.
Westport Fuel Systems has also scheduled a conference call for Tuesday, November 10, 2020 at 10:30am ET (7:30am PT)
Clarifies statements regarding its Weichai Westport Inc. joint venture and WWI's 12-liter engine equipped with the HPDI 2.0™ fuel system
Westport Fuel Systems Inc. today announced that its Weichai Westport Inc. joint venture has received certification from the Ministry of Ecology and Environment of China for its 12-liter engine equipped with the HPDI 2.0 fuel system
Transaction Provides Cost Efficiencies and Greater Product Choice for Customers
Estimated revenue of US$58 million over seven-year period
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