VANCOUVER, BC – Westport Innovations Inc. (TSX:WPT / Nasdaq:WPRT), engineering the world’s most advanced natural gas engines and vehicles, announced today that it has entered into new agreements with Volvo Group governing the development, commercial launch and supply of Westport™ High Pressure Direct Injection (HPDI) 2.0 technology in its heavy-duty trucks over the next several years. For competitive reasons, further terms and conditions of the commercial agreements have not been disclosed.
“These agreements mark the progression of years of technology development and represents the successful contribution of many, many partners and customers who helped us develop HPDI,” said David Demers, CEO of Westport.
HPDI 2.0 continues to be the only natural gas system that can offer “same as diesel” horsepower, torque, transient response, engine braking power and fuel economy. It also provides up to 20% reduction in greenhouse gas emissions compared to equivalent diesel engines, making it far and away the best commercial option for heavy duty trucking customers seeking to reduce their greenhouse gas emissions.
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 press release contains forward-looking statements, including statements regarding the qualities and performance of HPDI 2.0, the demand for our products, the future success of our business and technology strategies, investment in new product and technology development and otherwise, intentions of partners and potential customers, the performance and competitiveness of Westport's products and expansion of product coverage, future market opportunities and timing of future agreements as well as Westport management's response to any of the aforementioned factors. These statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties and are based on both the views of management and 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 uncertainties include risks and assumptions related to our industry and products, the general economy, governmental policies and regulation, technology innovations, the availability and price of natural gas, global government stimulus packages, the acceptance of and shift to natural gas vehicles, the relaxation or waiver of fuel emission standards, the inability of fleets to access capital or government funding to purchase natural gas vehicles, the development of competing technologies, our ability to adequately develop and deploy our technology, the actions and determinations of our joint venture and development partners, 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 these forward looking statements 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.
Net income from continuing operations of $4.9 million and Adjusted EBITDA of $9.4 million due to revenue growth and operating cost reductions
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