Westport Fuel Systems and Weichai Westport Agree to Modified Terms for the Supply of HPDI Systems
March 17 2021 - 4:00PM
Westport Fuel Systems Inc. (“
Westport Fuel
Systems”) (TSX/Nasdaq: WPRT) a global leader in
alternative fuel, low-emissions transportation technologies, today
announced its Weichai Westport Inc. (“
WWI”) joint
venture has agreed to amended terms for the existing technology
development and supply agreements between WWI and Westport Fuel
Systems. The amendments modify the existing 2018 agreements between
Westport Fuel Systems and WWI, and increases WWI’s commitment to
purchase Westport Fuel Systems’ flagship high pressure direct
injection (“
HPDI 2.0™”) systems, while extending
the time frame to allow WWI to complete this volume commitment.
Under the terms of the revised agreement,
Westport Fuel Systems will supply to WWI its proprietary components
for no less than 25,000 12-liter engines operating on the HPDI 2.0
fuel system (“WP12HPDI”) by December 31, 2024, a
volume increase of 28% versus the previous agreement. As one of the
largest suppliers in China for natural gas-powered vehicles, WWI
currently serves global transportation brands.
WWI is an affiliate of the Weichai Holding Group
Co., Ltd.
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.
Investor Inquiries:Christine MarksInvestor
RelationsT: +1 604-718-2046E:
invest@wfsinc.com
Cautionary Note Regarding Forward Looking
Statements
This press release contains forward-looking
statements. 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 HPDI
2.0 injectors and their utility when used with hydrogen, 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.
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