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Development Program Targets Rapidly Growing LNG Truck Opportunity in North America
published: February 27, 2012
VANCOUVER, - Westport Innovations Inc. (TSX:WPT / NASDAQ:WPRT), the global leader in natural gas engines today announced that it has signed a development agreement with a leading global engine manufacturer to develop a heavy-duty truck engine featuring Westport proprietary high pressure direct injection (HPDI) technology for the North American market. For competitive reasons, product details have been withheld.
Under the terms of the agreement, each partner will contribute significant resources and pay for its own people and costs of the program. Westport will lead the program. Westport expects to invest approximately US$12 million and the schedule calls for product launch in 2014. When the product is launched, Westport will supply its HD system components for an agreed upon amount per engine, comparable to other such arrangements previously announced.
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.
Note: This document contains forward-looking statements about Westport's business, operations, technology development or the environment in which it operates, which are based on Westport's estimates, forecasts and projections. These statements include specifically, statements regarding the amount of Westport's investment in the development program, the timing for product launch and the future supply of system components. These statements are not guarantees of future performance and involve known and unknown risks and uncertainties that are difficult to predict, or are beyond Westport's control including interruptions in the development cycle for the engine, the development of competing products and technologies, costs of the project and other risk factors and assumptions that may affect our actual results, performance, achievements. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. Westport disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise 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.