November 8, 2007
Westport LNG System for Heavy Duty Trucks Approved for US Federal Tax Credit
Westport Innovations Inc. (TSX: WPT), a global leader in gaseous-fuelled power technologies, today announced that the United States Internal Revenue Service (IRS) has confirmed tax credit eligibility for buyers of Westport's liquefied natural gas (LNG) system for heavy-duty Class 8 trucks.
"This significant tax credit makes Westport's heavy-duty LNG truck systems not only the most powerful alternative fuel solution available in the US, but also the most economical choice," said Michael Gallagher, Westport's President & Chief Operating Officer. "In addition to the tax advantage, buyers will benefit from a fast payback on the system cost because of the lower cost of natural gas fuelling."
The Westport LNG engine offers strong environmental advantages, including significantly lower oxides of nitrogen, or NOx, and greenhouse gases than the newest diesel trucks, even those using biodiesel blends.
Customers may be eligible for tax credits of US$28,800 per truck equipped with the Westport LNG system, as calculated based on the Alternative Fuel Motor Vehicle Credit, part of the Energy Policy Act of 2005. Some limitations to the credit may apply, depending on the specific circumstances of the customer, and it is recommended customers contact the IRS or a tax advisor to determine if and how the tax credit will apply to their truck purchase.
About Westport's LNG System for Heavy Duty Trucks
Westport's liquefied natural gas (LNG) system for heavy-duty trucks offers a unique industry solution with class-leading emissions and reduced greenhouse gas emissions compared to diesel, while maintaining all the horsepower, torque, and efficiency of a diesel-fuelled engine that is required in heavy-duty truck applications. The Westport engine is fuelled with LNG - a safe, cost effective, low carbon, and low emissions fuel. The emissions-certified Westport LNG system is available with 400 and 450 horsepower ratings and up to 1,750 lb-ft torque for heavy-duty port, freight, and other commercial truck applications.
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 biofuels such as landfill gas. Cummins Westport Inc., Westport's joint venture with Cummins Inc., manufactures and sells the world's broadest range of low-emissions alternative fuel engines for commercial transportation applications such as trucks and buses. BTIC Westport Inc., Westport's joint venture with Beijing Tianhai Industry Co. Ltd., manufactures and sells LNG fuel tanks for vehicles. www.westport.com
Note: This document contains forward-looking statements about Westport's business, operations, technology development or the environment in which it operates, which are based on Westport's estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, or are beyond Westport's control. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. Westport disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts: Westport Innovations Inc. Jonathan Burke Investor Relations (604) 718-2046 Email: [email protected] Website: www.westport.com
SOURCE: Westport Innovations Inc.