VANCOUVER, BC, Aug. 8, 2023 /PRNewswire/ --Westport Fuel Systems
Inc. (TSX: WPRT) (NASDAQ: WPRT), a leading supplier of advanced
alternative fuel systems and components for the global
transportation industry, announced today it has been designated as
the supplier of liquified petroleum gas (LPG) systems to a global
original equipment manufacturer (OEM). This is in addition to the
previously announced production supply agreement, adding new
Euro 7 vehicle platforms planned for
production by the OEM. This is forecasted to generate €63 million
in total revenue from 2025 to 2028. This increases the revenue
generated from LPG fuel system supply agreements for Euro 6 and 7 programs with this OEM to
approximately €255 million.
"We are pleased to become the exclusive supplier of LPG systems
to this leading OEM customer and look forward to continuing our
commitment to deliver our LPG systems for their LPG-fueled vehicle
platforms," said David M. Johnson,
chief executive officer of Westport Fuel Systems. "As a leader in
providing a diverse portfolio of high-quality alternative fuel
systems, we are driving cleaner performance and gaining market
share, as LPG powered vehicles are a very affordable path to meet
European regulations for lower emissions."
Westport will be supplying its
LPG system solutions for this OEM's Euro
6 vehicle applications starting Q4 2023. As a
cost-competitive alternative fuel solution to achieve
sustainability goals, LPG is an especially compelling option in
markets like Europe where the
refueling infrastructure is well established.
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.
About Westport Fuel
Systems
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 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 Fuel Systems, 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 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 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. 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, T: +1 947-339-8097,
E: media@wfsinc.com; Westport Investor Relations, T: +1
604-718-2046, E: invest@wfsinc.com
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