Westport Signs Development Agreement with Tata Motors
VANCOUVER, Oct. 30, 2012 /PRNewswire/ – Westport Innovations Inc. (TSX:WPT /
NASDAQ:WPRT), the global leader in natural gas engines, today announced
an agreement with Tata Motors to develop an engine for light- and
medium-duty trucks and buses. Details of the combustion technology are
being withheld for competitive reasons.
“Westport is developing a next generation engine technology for
integration into a new engine platform with Tata Motors,” said Nicholas
Sonntag, Executive Vice President, Westport Innovations. “This is a
great opportunity to work with India’s largest engine manufacturer in a
fast-growing marketplace demanding cost effective and environmentally
conscious solutions. Our development schedule is accelerated and we
believe it can be accomplished given the substantive market size and
interest in natural gas vehicles in India.”
Upon successful completion of the development phase, commercialization
is expected to follow, with Westport supplying key natural gas engine
components based on the proprietary technology being developed in this
program.
Mr. Ravi Pisharody, Executive Director – Commercial Vehicles Business
Unit of Tata Motors, said, “As national CNG and LNG fueling
infrastructure continues to develop a need for innovative, low cost,
reliable technologies natural gas will emerge. Tata Motors is already
in the forefront in this area.”
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 transportation
applications such as trucks and buses. Westport LD division is one of
the global leaders for natural gas and liquefied petroleum gas (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 @WestportDotCom.
About Tata Motors:
Tata Motors is India’s largest automobile company, with consolidated
revenues of Rs. 1,65,654 crores ($ 32.5 billion) in 2011-12. Through
subsidiaries and associate companies, Tata Motors has operations in the
UK, South Korea, Thailand, Spain and South Africa. Among them is Jaguar
Land Rover, the business comprising the two iconic British brands. It
also has an industrial joint venture with Fiat in India. With over 7.5
million Tata vehicles plying in India, Tata Motors is the country’s
market leader in commercial vehicles and among the top three in
passenger vehicles. It is also the world’s fourth largest truck and bus
manufacturer. Tata cars, buses and trucks are being marketed in several
countries in Europe, Africa, the Middle East, South Asia, South East
Asia and South America.
Note: This press release contains forward-looking statements, including
statements regarding the timing of, and ability to commercialize, the
described engine technology, the demand for our products, the future
success of our business and technology strategies, investment in new
product and technology development, intentions of partners and
potential customers, the performance and competitiveness of Westport’s
products and expansion of product coverage, future market opportunities
as well as Westport management’s response to any of the aforementioned
factors. 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
risks and assumptions related to the effectiveness of and our ability
to deploy our technology, our revenue growth, operating results,
industry and products, the general economy, conditions of and access to
the capital and debt markets, governmental policies and regulation,
technology innovations, fluctuations in foreign exchange rates, the
availability and price of natural gas and natural gas refuelling
infrastructure, global government stimulus packages, the acceptance of
and shift to natural gas vehicles, the relaxation or waiver of fuel
emission standards, the inability of fleets to access capital or
government funding to purchase natural gas vehicles, the sufficiency of
bio methane for use in our vehicles, the development of competing
technologies, 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,
RSS feed or twitter account referenced in this press release are not
incorporated by reference herein.
SOURCE Westport Innovations Inc.
