VANCOUVER, BC — Westport Fuel Systems Inc. ("Westport Fuel Systems") (TSX:WPT / Nasdaq:WPRT) provides the next-generation natural gas engine and vehicle technology solutions to comply with the recently announced standards for greenhouse gas ("GHG") emissions and fuel efficiency.
Last week the U.S. Environmental Protection Agency ("EPA") and the Department of Transportation's National Highway Traffic Safety Administration ("NHTSA") jointly released the Phase 2 GHG emissions and fuel efficiency standards for medium- and heavy-duty vehicles. These rules are the product of nearly two years of extensive consultation with industry partners and set a high standard for the freight sector.
"We commend the joint efforts of the EPA and NHTSA to develop an equitable Phase 2 Rule that will deliver significant environmental and economic benefits to 2027," said Jim Arthurs, Executive Vice President, Medium- & Heavy-Duty Truck Strategies of Westport Fuel Systems. "Freight transport by road is a vital part of the North American economy but also a major source of GHG emissions. The new EPA/NHTSA rules for GHG emissions and fuel efficiency from medium- and heavy-duty trucks will create a new competitive dynamic in the trucking industry. Westport Fuel Systems is well-positioned to deliver best-in-class engines and vehicles that meet increasingly stringent regulatory frameworks."
Next generation natural gas engines and vehicles including Westport High Pressure Direct Injection 2.0 ("Westport™ HPDI 2.0") and Enhanced Spark Ignition ("Westport™ ESI") technologies comply with the new rule and offer significant GHG emission reduction benefits through the combination of low-carbon fuels and high-efficiency engines. In particular, Westport™ HPDI 2.0 has been proven to deliver diesel-like performance and fuel efficiency while providing a reduction in GHG emissions of 18-20% compared to current diesel engines.
The movement towards reduced GHG emissions and increased fuel efficiency is not restricted to the U.S. market. In an interview published in the July 2016 issue of lastauto omnibus magazine (a leading German transportation magazine), AVL's representative stated that the European original equipment manufacturers will not be able to avoid implementing HPDI technology in order to fulfill GHG limit values. AVL believes this is a significant reason for vehicle manufacturers' high interest in HPDI technology. AVL List GmbH is one of the world's leading powertrain engineering firms.
Westport Fuel Systems believes that the cost advantage of natural gas will increase. According to industry estimates, full compliance with the proposed standards will add several thousand dollars to the cost of vehicles running on conventional fuels.
"As GHG rules tighten, natural gas fueled vehicles may cost less than compliant conventional fuel vehicles, creating a compelling economic argument even without factoring in fuel savings. Fleet owners can focus on the environmental benefits of natural gas vehicles now and reap the economic benefits in the future," said Arthurs.
VANCOUVER, BC — Westport Fuel Systems Inc. (“Westport Fuel Systems”) (TSX:WPT / Nasdaq:WPRT) provides the next generation natural gas engine and vehicle technology solutions to comply with the recently announced standards for greenhouse gas (“GHG”) emissions and fuel efficiency.
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.
MTM to Supply LPG Systems to the Growing Algerian Market
Transaction to Bolster the Liquidity of MTM in Cherasco, Italy
Westport Fuel Systems today announced that it has has entered into an agreement for the refinancing of its convertible notes held by funds associated with Pangaea Two Management, LP and Cartesian Capital Group.
Westport Fuel Systems today announced that they have closed a US$10 million term credit facility from Export Development Canada to bolster liquidity during the COVID-19 pandemic.
Westport Fuel Systems has also scheduled a conference call for Friday, August 7, 2020 at 10:30am ET (7:30am PT)
Natural gas vehicles (NGV) may get a boost as power markets and renewable equipment production are seen as potential casualties.
The statistics not only show continuously growing sales of CNG and especially liquefied natural gas fueled vehicles, but also the growth of corresponding fueling infrastructure.
Simeon’s gas-powered Volvo is used to transport gas for partners. Stenberg is pleased with the new tractor unit.