‘Amalgamation Will Create Largest Product Portfolio & Market Presence’
Westport Innovations has acquired BAF Technologies and its ServoTech Engineering subsidiary from Clean Energy Fuels for $25 million in Westport stock and a $5 million joint marketing and sales program.
this item, posted immediately following
Westport’s announcement on June 28,
was substantially updated on June 29
According to Westport, “the amalgamation will create the largest product portfolio and largest market presence in the North American light duty natural gas vehicle space.
“Specifically, Westport secures its position as Ford’s largest partner under the Qualified Vehicle Modifier (QVM) program with over 10 products and approximately 150 Ford authorized dealerships. The transaction allows both Westport and Clean Energy to focus on the significant growth opportunities as natural gas emerges as a global fuel for transportation.”
Westport Innovations (Toronto:WPT and NASDAQ:WPRT).
Clean Energy Fuels (NASDAQ:CLNE).
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Source: Westport Innovations with Fleets & Fuels follow-up