- Westport is awarded an additional production supply agreement for Euro 7 LPG fuel systems from a global original equipment manufacturer
VANCOUVER, BC , Aug. 8, 2023 /PRNewswire/ -- Westport Fuel Systems Inc. (TSX: WPRT) (NASDAQ: WPRT), a leading provider of advanced alternative fuel systems and components to the global transportation industry, today announced which has been designated as a supplier of liquefied petroleum gas (LPG) systems to a global original equipment manufacturer (OEM). This is in addition to the previously announced production supply agreement, which adds new Euro 7 vehicle platforms planned for production by the original equipment manufacturer. This is anticipated to generate €63 million in total revenue from 2025 to 2028. This increases the revenue generated from the LPG fuel system supply agreements for the Euro 6 and 7 programs with this original equipment manufacturer to approximately €255 million. euro.
"We are delighted to become the exclusive provider of LPG systems for this leading OEM customer and look forward to continuing our commitment to supply our LPG systems for their LPG fueled vehicle platforms," said David M. Johnson, Director Westport Fuel Systems executive. As a leader in supplying a diverse portfolio of high-quality alternative fuel systems, we are driving cleaner performance and gaining market share as LPG-powered vehicles are a highly affordable path to meeting European emissions regulations. low".
Westport will supply its LPG system solutions for this OEM's Euro 6 vehicle applications beginning in Q4 2023. As a cost-competitive alternative fuel solution to meet sustainability goals, LPG is an especially attractive option. in markets such as Europe, where the refueling infrastructure is well established.
LPG and bio-GPL, also known as propane or autogas, is a clean-burning alternative fuel used to power light, medium and heavy vehicles. LPG-powered vehicles are an economical, low-emission alternative to vehicles running on gasoline or diesel, and this technology meets stringent emission reduction regulatory requirements. Vehicles fueled with LPG can circulate in traffic areas with emission restrictions in Europe.
About Westport Fuel Systems
At Westport Fuel Systems we drive innovation to power a cleaner tomorrow. We are a leading supplier of advanced fuel delivery systems and components for clean, low-carbon fuels such as natural gas, renewable natural gas, propane and hydrogen to the global transportation industry. Our technology offers the performance and fuel efficiency required by transportation applications, as well as the environmental benefits to address climate change and urban air quality challenges. Headquartered in Vancouver, Canada, with operations in Europe, Asia, North and South America, we serve our customers in more than 70 countries with leading brands in the global transportation industry. 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 alternative fuel systems market, the factors responsible for this growth, anticipated revenue, the revenue schedule, and the anticipated date for the start of production of the LPG fuel system and the aforesaid components. These statements are not promises or guarantees, but involve known and unknown risks and uncertainties, and are based both on management's opinions and on assumptions that may cause our actual results, activity levels, performance or achievements to differ materially from those future results, activity levels, performance or achievements expressed or implied by these forward-looking statements. These risks, uncertainties and assumptions include those related to the general economy, creditworthiness, government policies and regulations, demand for LPG fuel systems and components, supply chain disruptions, as well as other risk factors and assumptions. that may affect our actual results, performance or achievements, or financial condition, as disclosed in our most recent Annual Information Form and other filings with securities regulators. Readers should not place undue reliance on any of these forward-looking statements, which are valid only as of the date made. We disclaim any obligation to publicly update or revise such statements to reflect any changes in our expectations or in the events, conditions or circumstances on which such statements may be based, or which may affect the likelihood that actual results will differ from those stated. in these forward-looking statements, except to the extent required by National Instrument 51-102. The content of any website referenced in this press release is not incorporated by reference herein.
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