Tata Motors and Westport Fuel Systems Announce Development and Supply Agreement
January 02 2018 - 8:00AM
Westport Fuel Systems Inc. (“
Westport Fuel
Systems”) (TSX:WPRT) (Nasdaq:WPRT) announced today that it
has entered into a development and supply agreement with Tata
Motors Limited (“
Tata Motors”) for their 4
cylinder and 6 cylinder natural gas spark-ignited commercial
vehicle engine family to meet the Indian Government’s new Bharat
Stage VI (“
BS-VI”) emission standards, scheduled
to take effect in April of 2020.
Westport Fuel Systems has been working with Tata
Motors since 2012 and has partnered to develop and launch their
current BS-IV certified natural gas spark-ignited engines for
commercial vehicles. Under this new program, since spring 2017,
Westport Fuel Systems has been developing their next generation of
natural gas spark-ignited engines to meet the BS-VI emission
standards. Upon completion of the program, Westport Fuel Systems
will be supplying the critical natural gas components to Tata
Motors, including advanced gas injection systems and controls,
featuring the new Westport WP582 Engine Management System, built to
optimize the overall engine performance and fuel efficiency.
“Tata Motors is a leader in heavy duty natural
gas vehicles in the Indian market and a leading vehicle and engine
manufacturer globally,” said Maurizio Grando, Executive Vice
President of Westport Fuel Systems. “Our longstanding partnership
combined with our position as a technology leader and our global
footprint allows us to commercialize unique natural gas engine
technologies that provide a competitive solution for our OEM
partner.”
“Tata Motors values the partnership with
Westport Fuel Systems on this important engine development
program,” said Rajendra Petkar, VP & Head (Power Systems
Engineering, ERC) of Tata Motors. “We have worked hard to build a
leadership position in the market by providing our customers with
economical, best-in-class natural gas engine and vehicle products.
Tata Motors remains committed to this goal, especially with the
growing significance of natural gas for commercial vehicles. By
partnering with Westport Fuel Systems, we are enhancing our
portfolio of natural gas engines so we can focus on increasing our
market share even further."
BS-VI standards, which are equivalent to Euro-VI
standards, are two steps ahead of the BS-IV standards currently in
effect due to a heightened concern on India’s air quality levels.
Recent rules enacted in Delhi and the National Capital Region place
limits on diesel and petrol vehicles while mandating natural gas
for commercial vehicles such as taxis and city buses. Significant
environmental benefits of the BS-VI over BS-IV include about an 87%
reduction in tail pipe NOx emissions and 55% reduction in methane
emissions beside stringency required by on-board diagnostics
standard.
India is one of the world's largest commercial
vehicles markets. According to NGV Global statistics, India
currently has more than 3 million natural gas powered vehicles, up
69% since last year, with over 1,200 compressed natural gas fueling
stations. In addition, recently the Ministry for Road
Transportation and Highways approved plans to develop liquefied
natural gas fueling stations across the country.
About Westport Fuel Systems
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.
Note: This press release contains
forward-looking statements, including statements regarding the
timing for, and quantity of components, to be supplied by Westport
Fuel Systems, results of the development program, emissions
reductions, 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 Fuel Systems' products and expansion of product coverage,
future market opportunities and timing of future agreements as well
as Westport Fuel Systems 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, the acceptance of and shift to natural gas
vehicles, the relaxation or waiver of fuel emission
standards, 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.
Investor Inquiries: Caroline
SawamotoManager, Investor Relations and Communications Westport
Fuel SystemsT: +1
604-718-2046invest@wfsinc.com
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