~Development Program Targets Rapidly Growing LNG Truck Opportunity in
North America~
VANCOUVER, Feb. 27, 2012 /CNW/ - 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.
About Westport Innovations Inc.
Westport Innovations Inc. is a leading global supplier of proprietary
solutions that allow engines to operate on clean-burning fuels such as
compressed natural gas (CNG), liquefied natural gas (LNG), hydrogen,
and renewable natural gas (RNG) fuels such as landfill gas and helps
reduce greenhouse gas emissions (GHG). Westport technology offers
advanced LNG fueling systems with direct injection natural gas engine
technology for heavy-duty vehicles such as highway trucks and off-road
applications such as mining and rail. Westport's joint venture with
Cummins Inc., Cummins Westport Inc. designs, engineers and markets
spark-ignited natural gas engines for North American urban work
vehicles such as buses and refuse trucks. Westport LD division is one
of the global leaders for natural gas and LPG fuel in passenger cars,
light-duty trucks and industrial applications such as forklifts. To
learn more about our business, visit our website or subscribe to our
RSS feed at www.westport.com, or follow us on Twitter @WestportWPRT.
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.