VANCOUVER, BC, Dec. 19, 2023 /PRNewswire/ -- Westport Fuel
Systems Inc. ("Westport" or the
"Company") (TSX: WPRT) (NASDAQ: WPRT), a leading supplier of
advanced alternative fuel systems and components for the global
transportation industry, today announced that it has been awarded a
development program by a global heavy truck manufacturer to adapt
its Next Generation LNG HPDI™ fuel system to meet the Euro 7 emissions requirements for heavy-duty
vehicle applications. The value of the development program is
estimated to be USD$33 million and
will be funded by the original equipment manufacturer (OEM). Work
on the program is already underway with a targeted launch of the
new LNG and liquified biomethane fueled product within a few
years.
Westport's Next Generation HPDI
fuel system has been developed to meet the Euro 7 standards and will introduce the following
new features:
- Improved fuel pressure control, thereby improving fuel
efficiency
- Supporting higher pressure fuel supply systems to maximize
engine performance and Brake Thermal Efficiency (BTE)
- Improved reliability and durability
- On Board Fuel Consumption Monitoring (OBFCM)
"This new program exemplifies our longstanding relationship with
the OEM, emphasizing our shared vision of creating sustainable
transport solutions around the world. Our LNG HPDI fuel system
enables long-haul trucks to significantly reduce CO2
emissions now while fully meeting a fleet's performance demands for
payload, performance, and durability, as well as stringent
Euro 7 emission regulations," said
Anders Johansson, vice president of
Heavy-Duty OEM for Westport Fuel Systems. "Our collaboration
advances our realistic, affordable and immediately available
solution for fleets to achieve their decarbonization goals as well
as driving the acceleration and scaling of development for global
market adoption for a variety of OEMs," he added.
The program marks Westport's
next major engagement with the OEM to develop low carbon solutions
for heavy-duty trucking with the development of Westport's Next Generation LNG HPDI fuel
system encompassing on and off engine components. This new fuel
system is an evolution of the existing HPDI LNG truck application
from the OEM that is commercially available today and has been on
the road for several years.
The Euro 7 standards are aimed at
reducing air pollution from road transport, addressing pollutants
such as nitrogen oxides (NOx) and particulate matter, by lowering
emissions limits from new motor vehicles sold in the European
Union, versus the standards currently set out in Euro VI. Final
agreement on the new regulation remains outstanding, but for
heavy-duty vehicles the European Commission's proposal is to
implement the new standards from mid-2027.
About Westport Fuel
Systems
At Westport, 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 transportation 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, we think ahead. For more
information, visit www.wfsinc.com.
Forward-Looking
Statements
This 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, timing of government
regulations and expected date for commencement of production of the
referenced LNG 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 the
general economy, governmental policies and regulation, the demand
for LNG 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. 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.
Westport Media Relations, NA T: +1 947-339-8097, EUROPE T: +39 337-144-8438,
E: media@wfsinc.com; Westport Investor Relations,
T: +1 604-718-2046, E: invest@wfsinc.com
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