Westport Fuel Systems Announces Co-Investment Agreement with Tier One Injector Manufacturing Partner to Expand Manufacturing ...
March 18 2021 - 5:00PM
Westport Fuel Systems Inc. (“
Westport Fuel
Systems” or the “
Company”) (TSX:WPRT /
Nasdaq:WPRT) today announced co-investment with its Tier 1 global
injector manufacturing partner to expand their production facility
in Yantai, China to supply jointly developed and proprietary fuel
injectors to the growing global market for HPDI 2.0™.
“We have shared a critical engineering and
manufacturing partnership with one of the world’s leading tier 1
injector manufacturers and its predecessor company for HPDI fuel
injectors since our first-generation HPDI product and are pleased
to jointly invest in continued growth," said David M. Johnson,
Chief Executive Officer of Westport Fuel Systems. “Investment in
the Yantai facility to expand manufacturing capacity responds to
the growing global demand for clean, cost-effective heavy-duty
trucks powered by HPDI 2.0, particularly in Europe and China. The
investment also allows the state-of-the-art facility to be further
scaled relatively easily to meet future growth in Europe, in China
and then in the rest of the world.”
The demand for Westport’s HPDI 2.0 fuel system
is growing in Europe as is the availability of bioLNG, with many
European countries now producing renewable gas. The transition to
net-zero carbon solutions for the transport sector is well underway
in Europe, where renewable gas accounts for about 17% of all gas
fuel consumed by road transportation. Fleet operators are making
investments to support net-zero carbon commitments through the
purchase of HPDI 2.0 powered trucks fueled with renewable gas and
at the same time realizing ongoing operating cost savings from a
product capable of meeting a fleet’s most demanding performance
requirements.
According to Natural Gas Vehicle Association of
Europe there are more than 11,000 LNG fueled trucks on the road in
Europe. The LNG fueling network has more than doubled since 2017
and there are now almost 400 LNG refueling stations across
Europe.
Europe aims to be a carbon neutral continent by
2050 and China has pledged to be carbon neutral by 2060. HPDI 2.0
is fully capable of using renewal gas and thereby provides a
cost-effective pathway to achieving carbon neutrality in
heavy-duty, long haul trucking.
About Westport Fuel Systems
Westport Fuel Systems is driving innovation to
power a cleaner tomorrow. The company is 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. Westport’s 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, the company serves customers
in more than 70 countries with leading global transportation
brands. For more information, visit www.wfsinc.com.
Cautionary Note Regarding Forward Looking
Statements
This press release contains forward-looking
statements, including statements regarding growth in the heavy-duty
LNG truck market, the factors responsible for such growth, timing
for and completion of the referenced facility in Yantai and the
continued development and production of HPDI 2.0 injectors in
Stonehouse, UK. 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,
uncertainties and assumptions include those related to COVID-19,
it’s duration, effects and government responses thereto, the
general economy, solvency, governmental policies and regulation,
the demand for HPDI 2.0 injectors, 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. In addition, the effects and the impact of the COVID-19
outbreak, are unknown at this time and could cause actual results
to differ materially from the forward-looking statements contained
herein. 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:Christine MarksInvestor
RelationsT: +1 604-718-2046E:
invest@wfsinc.com
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