Westport Fuel Systems Awarded €38 Million Program to Supply LPG Fuel Systems to a Global OEM
July 11 2022 - 5:00PM
Westport Fuel Systems Inc.
(“
Westport” or the “
Company”)
(TSX:WPRT / Nasdaq:WPRT), a global leader in low-emissions
alternative fuel transportation technologies, announced today that
it has been awarded a program to develop and supply liquefied
petroleum gas (LPG) systems for a number of vehicle applications
for a global original equipment manufacturer (OEM). The deal is
forecasted to provide €38 million in revenue through the end of
2025, with production expected to begin in Q4 2023.
Westport will provide fuel systems solutions for
the Euro 6 applications to this OEM, supplying the entire LPG
system from the fuel tank to the fuel injectors. In parallel,
Westport is also developing fuel systems to respond to future
regulations including the proposed Euro 7 standards. Driving
alternative fuel technology adoption from light-duty to heavy-duty
applications is a keystone of Westport’s OEM technology supply
strategy.
“We are proud to supply this industry leading
OEM and to serve the growing global market for affordable
alternative fuel systems,” said David M. Johnson, Chief Executive
Officer of Westport Fuel Systems. “Our proven clean technology
solutions support energy security and sustainability, by providing
affordable, low carbon fuel options for transportation.”
LPG and bio-LPG, also known as propane or
autogas, is a clean-burning alternative fuel used to power light-,
medium- and heavy-duty vehicles. LPG fueled vehicles are a
cost-competitive low-emissions alternative to vehicles that use
gasoline (petrol) or diesel, and the technology satisfies stringent
regulatory requirements for emissions reductions. LPG fueled
vehicles are permitted to drive in emissions-restricted traffic
zones in Europe.
Cost-competitive alternative fuel solutions such
as LPG are a compelling option to reduce greenhouse gas emissions
in markets like Europe where refueling infrastructure is well
established. Alternative fuels for transportation applications are
increasingly in demand globally as an affordable, efficient, and
clean alternative.
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’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.
Forward Looking StatementsThis
press release contains forward-looking statements, including
statements regarding the growth of the global market for
alternative fuel systems, the factors responsible for such growth,
the expected revenue, timing of revenue and expected date for
commencement of production of the referenced LPG fuel system and
components. 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, its duration,
effects, and government responses thereto, the general economy,
solvency, governmental policies and regulation, the demand for LPG
fuel system and components, supply chain disruptions, 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, continuing, or new
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
referenced in this press release are not incorporated by reference
herein.
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