Westport Fuel Systems awarded a tender for the supply of 60,000 LPG systems to NAFTAL, a premier Algerian petroleum firm
November 02 2021 - 8:51AM
Westport Fuel Systems Inc. (“Westport Fuel Systems”)
(TSX:WPRT / Nasdaq: WPRT) announced the award of a tender
issued by NAFTAL, a branch of SONATRACH, the national Algerian Oil
& Gas company. Westport Fuel Systems will supply 60,000
liquefied petroleum gas (“LPG”) systems over the next 18 months
with related spare parts for a total value of about €9 Million.
The award of this new tender will further strengthen the strong
relationship between Westport Fuel Systems and NAFTAL. Over the
last 6 years, the company has supplied over 120,000 LPG kits to
NAFTAL, furthering the company's commitment to providing affordable
fuel systems to emerging markets. Algeria is strongly supporting
the growth of Autogas (LPG for automobiles) which has been selected
by the Algerian Government as the strategic fuel for the future of
the country. LPG is an abundant national resource in Algeria,
broadly available through a network of nearly 1,000 refuelling
stations. According to NAFTAL statistics, Algeria has more than
650,000 LPG vehicles, representing 10% of the total passenger car
population (June 2021), making Algeria among the largest users of
LPG vehicles in Africa.
“This order solidifies the strong partnership between Westport
Fuel Systems and NAFTAL while highlighting our technology
capabilities and the high quality of our products. We are proud to
serve the Algerian national strategic plan to expand the LPG use,”
said David M Johnson, Chief Executive Officer of Westport Fuel
Systems. “LPG emits fewer pollutant emissions such as NOx than
diesel and petrol and further supports the global transition
underway to cleaner fuels.”
NAFTAL is highly committed to the achievement of the objectives
set by the Algerian government, supporting a more extensive use of
LPG as the national fuel to ensure environmental sustainability and
economic efficiency for public and private transports. To support
the use of LPG for automobiles, the Algerian government is covering
50% of conversion costs by a national incentive granted through a
dedicated network of conversion workshops. The new NAFTAL tender
will be part of a broader program to expand the use of LPG as an
alternative to gasoline and diesel, with a view to energy
efficiency and preserving the environment.
The Algerian government has plans to add 600 LPG Autogas retail
stations in addition to the 1,000 already in operation. This will
represent a 75% increase of NAFTAL gas stations in Algeria equipped
with LPG by 2023.
About Westport Fuel
SystemsWestport 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 Fuel Systems’
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 revenue and cash usage expectations,
future strategic initiatives and future growth, future of our
development programs (including those relating to HPDI and
Hydrogen), the impact of COVID-19 and ongoing semiconductor
shortages on our business, the demand for our products, the future
success of our business and technology strategies, intentions of
partners and potential customers, the performance and
competitiveness of Westport Fuel Systems’ products and expansion of
product coverage, future market opportunities, speed of adoption of
natural gas for transportation and terms 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, uncertainties and assumptions include those related to our
revenue growth, operating results, industry and products, the
general economy, conditions of and access to the capital and debt
markets, access to required semiconductors, solvency, governmental
policies and regulation, technology innovations, fluctuations in
foreign exchange rates, operating expenses, continued reduction in
expenses, ability to successfully commercialize new products, the
performance of our joint ventures, the availability and price of
natural gas, global government stimulus packages and new
environmental regulations, 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, the effects and duration of COVID-19 and the
ongoing semiconductor shortage 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:Christine MarksInvestor
RelationsT: +1 604-718-2046E:
invest@wfsinc.com
Westport Fuel Systems (NASDAQ:WPRT)
Historical Stock Chart
From Aug 2024 to Sep 2024
Westport Fuel Systems (NASDAQ:WPRT)
Historical Stock Chart
From Sep 2023 to Sep 2024