HHP Summit 2017

Westport Innovations

Westport and FSSI Merger Is Complete

June 2, 2016 in Alternative Fuels, CNG, Companies, LNG, NGVs, Propane by Rich Piellisch  |  No Comments

‘Innovative, Global Leader in Alternative Fuel, Engine and
Vehicle Sector:’
Westport Fuel Systems, Inc. Is the New Name for the Combined Company

Westport Fuel Systems is the new name of the combined Westport Innovations and Fuel Systems Solutions, Inc. as completion of their merger was disclosed yesterday. The marriage, states a release, results in an “innovative, global leader in alternative fuel, engine and
vehicle sector.”
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Westport Reports Cartesian Financing

January 12, 2016 in Companies, investments, NGVs by Rich Piellisch  |  No Comments

As Much as $71.3 Million from Global Private Equity Firm
‘Removes Any Concern Regarding Westport’s Balance Sheet’

Westport Innovations said Monday that it’s entered into an agreement with New York’s Cartesian Capital Group for as much as $71.3 million in financing.

“The financing agreement immediately provides $17.5 million in non-dilutive capital with up to $53.8 million in additional capital contingent on reaching key milestones and establishing new investment opportunities,” Westport said, with a contingent payment derived substantially from future HPDI/high pressure direct injection product sales.


Westport CEO David Demers

Westport CEO David Demers

Cartesian managing partner and founder Peter Yu will be appointed to the Westport board.

Key Stipulations

Westport cites four key investment tranches:

  • $17.5 million immediately, in consideration for an innovative technology income streaming facility: contingent payments to Cartesian are based on a percentage of amounts received by Westport on select HPDI and joint venture products in excess of agreed thresholds through 2025.
  • $17.5 million in convertible debenture notes: The convertible debenture notes, expected to close upon completion of the Fuel Systems Solutions (FSYS) merger scheduled for mid-February, feature a 9% coupon, a 4.5 year term, and are convertible into newly issued shares of Westport at $2.31 per share – a 51% premium to Friday, January 8th’s closing price. Fifty percent of the convertible debenture notes may be converted into equity at Westport’s election if, after two years, the share price is greater than $4.62 for 20 out of 30 days and reflects more than $3 million in average daily trading volume.
  • $16.3 million through the sale of assets: Westport has agreed to sell $16.3 million in assets to Cartesian, subject to final due diligence, and expects this transaction to be completed by May 30th. Details of the assets will be disclosed upon completion.
  • $20 million in additional streaming capacity: Cartesian has committed up to an additional $20 million to Westport to support two or more product development ventures as may be agreed upon between the parties. The new streaming facilities would provide development funding for Westport in exchange for a contingent payment on products developed by the new ventures.

The investment agreement also provides for Westport to receive 30% of gains realized by Cartesian if certain return thresholds are met.

“This financing creates a solid financial foundation and clear path to the commercial launch of key products,” Westport CEO David Demers said in a release. “It also removes any concern regarding Westport’s balance sheet.”

Low Oil Price ‘Has Masked the Importance of Methane’

“The commitment from Cartesian signifies the importance of natural gas to the environment and ratifies that short-term energy market volatility has masked the importance of methane as a transport fuel,” Demers said.

“The natural gas engine and vehicle industry has a compelling future and Westport represents a key part of that future. This financing will be a critical part our of our success.”

‘An Industry that Is Essential’

“The pending merger with Fuel Systems Solutions, combined with this financing agreement, creates a formidable global force in the natural gas engine and vehicle market. With the financing behind us and the merger progressing towards completion, we can increase our focus on streamlining operations, investing in innovative technology and launching key products into attractive markets,” Demers added.

According to Yu, as quoted in the Westport announcement, Westport’s proven technology, unmatched innovation capabilities, and world-class management will continue to lead and drive the natural gas engine industry – an industry that is essential for sustainable global growth.”


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Source: Westport Innovations with Fleets & Fuels follow-up

Westport-FSSI Cleared to Merge

October 26, 2015 in Companies, NGVs by Rich Piellisch  |  No Comments

With Fuel Systems ‘Surviving the Merger as a Wholly Owned Subsidiary’

Westport Innovations reports that its marriage with Fuel Systems Solutions, Inc. is going forward, as the proposal has satisfied the requirements of the U.S. Hart-Scott-Rodino legislation. “There is no further antitrust clearance required to close the transaction,” Westport said last week.


Westport Innovations and Fuel Systems Solutions, Inc. said today that they plan tom merge, projecting combined 2015 revenue ranging from $380 million to $405 million.

Westport Innovations and Fuel Systems Solutions, Inc. said early last month that they plan to merge, projecting combined 2015 revenue ranging from $380 million to $405 million.

FSSI is the parent of natural gas vehicles developer and upfitter Impco Automotive, of BRC and FuelMaker for NGV fueling equipment, and other brands. The merger with Westport was announced on September 1 (F&F, September 1).

Westport has formed a subsidiary called Whitehorse Merger Sub, which is to “merge with and into Fuel Systems, with Fuel Systems surviving the merger as a wholly owned subsidiary of Westport.”


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Source: Westport with Fleets & Fuels follow-up

Westport, Impco Parent FSSI to Merge

September 1, 2015 in Companies, NGVs by Rich Piellisch  |  No Comments

‘Will Create a Premier Alternative Fuel Vehicle and Engine
Company With Expanded Product and Technology Portfolio’
With Joint Projected Revenues This Year of Some $400 Million

Westport Innovations and Impco parent Fuel Systems Solutions, Inc. said this morning that they’ve agreed to merge “to create a premier alternative fuel vehicle and engine company.” updated September 2
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Westport Parts + Service New Division

April 28, 2015 in CNG, Companies, LNG, NGVs by Rich Piellisch  |  No Comments

Westport Innovations Invites Distributors to Participate

Westport Innovations says it launched established Westport Parts + Service as a new company division at the Automechanika show in Chicago this week – and invited distributors to join in.

Westport-Parts+ServiceWestport Parts + Service also announces the opportunity for distributors to join us and our key partners in delivering reliable, accessible original engine (OE) quality parts and service to the growing North American natural gas vehicle market.

“Westport Parts specializes in OE quality parts to the on-highway truck market including medium duty, heavy duty and light truck and the off-highway market for natural gas vehicles,” states a company blog post.


“Westport Service,” the company says, “provides a network of certified natural gas facilities to install, service and repair NGVs with class-leading service and customer support, including technical training and 24/7 hotlines.”


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Source: Westport Innovations with Fleets & Fuels follow-up

 

 

Westport Buys Prins for $15.1 Million

December 3, 2014 in Companies, NGVs, Propane by Rich Piellisch  |  No Comments

Takes the Firm Best Known for NGV Systems into Propane Autogas,
Buy Includes Knowhow for Natural Gas for Direct Injection Engines

Westport Innovations announced its acquisition of Netherlands-based Prins Autogassystemen for 12.2 million euros, or approximately $15.1 million U.S. The deal broadens Westport’s offerings for natural gas vehicle fuel systems, including equipment for direct injection engines, but more importantly establishes Westport as a major provider of propane autogas systems.

Westport+PrinsFEATUREDThe deal was effected via through a combination of 6.6 million euros (approximately $8.2 million) in assumed liabilities and 5.6 million euros (approximately $6.9 million) in cash. Prins has says of approximately $26.8 million U.S. for the first nine months of 2014, Westport says.

Prins operations in Europe will be combined under the Westport Applied Technologies business unit.

Alliance AutoGas/Blossman Services Relationship Unchanged

Prins’ business in the U.S. is conducted primarily through Alliance AutoGas and Blossman Services, which installs and supports propane autogas systems. Agreements with Prins remain in force, says Alliance/Blossman president Stuart Weidie, “and activities related to expanding our portfolio of certified vehicle platforms will continue.”


Propane is also known as LPG, for liquefied petroleum gas.

“Prins’ globally respected product line, their strong track record in continuous innovation and new product introductions combined with its original equipment manufacturer relationships complement our products and OEM coverage to provide us with a great position as the go-to partner for alternative fuels solutions,” Westport on-road systems and applied technologies executive VP Mehran Rahbar says in a release.

Prins CEO Bart van Aerle at the Global Autogas Summit in Miami on October 30

Prins CEO Bart van Aerle at the Global Autogas Summit in Miami on October 30

“Westport has a great deal of experience with natural gas direct injection and believes that the combination of Prins’ and Westport’s team and technologies will further strengthen Westport’s dominant technology portfolio,” he said.

‘Full Suite’ of Alt Fuel Systems

“This acquisition is a significant opportunity for Westport to scale, innovate, and derive sales and operations synergies from the combined business.”

Westport gains a “comprehensive product offering… a full suite of alternative fuel systems for bi-fuel, mono-fuel, and dual-fuel applications using LPG, CNG, and LNG.” Prins boasts a global distribution network, selling to end customers in more than 50 countries through OEMs, country importers, and distributors, Westport says, and has systems available for top six European OEM truck brands, as well as such global OEMs as Hyundai and Kia.

“Together, we can create the best-in-class alternative fuel systems across multiple fuel platforms and deliver on superior technology and performance characteristics,” Prins CEO Bart van Aerle says in the Westport announcement.

Navigant Predicts Growth

“According to Navigant Research, approximately 9% of the global consumption of LPG in 2012 was used as an automotive transport fuel,” Westport says. “Navigant Research indicates that in 2012, there were 1 million light-, medium- and heavy-duty vehicles converted to run on LPG in the world, including 449,000 vehicles in Europe.

“This is forecasted to grow to 1.4 million in new vehicle sales and conversions in 2020. While global sales of light duty LPG vehicles are projected to grow by 2.6% annually from 2014 to 2035, the Middle East and Africa will show faster growth at 4.7% CAGR. In North America, the annual growth rate of all LPG vehicle sales and conversions will average 4.7% between 2014 and 2035.”


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Source: Westport with Fleets & Fuels follow-up

CLNE & Westport for Kroger’s 40 FLs

May 14, 2014 in ACT Expo 2014, Companies, Infrastructure, LNG, NGVs by Rich Piellisch  |  No Comments

A New LNG Station in Oregon to Fuel Cascadia with iCE Pack Tanks,
Clean Energy Also Supplying LNG, Some Bio-Based, for ATN’s Buses

Clean Energy Fuels and Westport will support a new fleet of 40 liquefied natural gas-fueled Freightliner Cascadia trucks for the food chain Kroger in Oregon. Clean Energy Fuels is to design and engineer a new private LNG fueling station at Kroger’s Clackamas Distribution Center.
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Westport, Delphi for HPDI 2.0 Injectors

March 4, 2014 in Companies, Technology by Rich Piellisch  |  No Comments

Firms Deepen a Long-Term Customer-Supplier Relationship

Westport Innovations is talking up a joint development agreement with Delphi Automotive to “help entrench” Westport’s HPDI (high pressure direct injection) as the “leading natural gas technology platform” for heavy-duty engines.
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Westport Launches Westport HPDI 2.0′

December 10, 2013 in CNG, Companies, LNG, New Products, NGVs by Rich Piellisch  |  No Comments

High Pressure Direct Injection Said Suitable to Wider Range of Engines
As Full Diesel Performance Is Maintained with 90 of Diesel Fuel Displaced

Westport Innovations has unveiled its next generation of high pressure direct injection technology, called “Westport HPDI 2.0.” Unlike the initial HPDI product available only with the Cummins ISX-based 15-liter engine for heavy duty trucks, the new system is aimed at a wider range of powerplants, from 10- to 100-liter displacement, for both vehicle and off-road markets.
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As Reported Here First: Exit the 15L

November 6, 2013 in Companies, LNG, NGVs by Rich Piellisch  |  No Comments

Westport Will Stop Taking Orders on November 15

Westport Innovations has confirmed that it’s dropping its former flagship, the Cummins ISX-based Westport 15L that uses high pressure direct injection technology to run primarily on natural gas. Westport refused to comment after Paccar told customers the LNG engine package would no longer be available (F&F, September 24), but said in its third-quarter earnings report that it would take no more orders as of mid-month.
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Westport P.O. for 900 LNG Tanks

November 5, 2013 in LNG, New Products by Rich Piellisch  |  No Comments

Most of the 900 Westport Tanks for Universal LNG Won’t Be on Trucks

Westport Innovations reports a blanket purchase order for 900 of its Westport iCE Pack LNG tank systems to be delivered over the next two years. The customer, Houston’s Universal LNG Solutions, says that most will be used off-road.
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Westport Dropping the 15-Liter HPDI?

September 24, 2013 in NGVs by Rich Piellisch  |  No Comments

Cummins Westport’s ISX12 G Fills the Big Truck Need
But Some Are Disappointed as Flagship Discontinued

Westport Innovations, dealers say, has ceased production of its Westport 15L high pressure direct ignition engine – the product based on the 15-liter Cummins ISX diesel that took the Vancouver company into natural gas vehicles more than a decade ago.
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Westport Names Gougarty as COO

July 28, 2013 in Companies by Rich Piellisch  |  No Comments

Will Shepherd Move from ‘R&D Mode to International Product Delivery’

Westport Innovations has named board member and former TRW executive Nancy Gougarty as president and chief operating officer. “The change in roles for Nancy is part of Westport’s progression from research and development into an organization focused on the global commercialization of a wide range of products,” the company said Friday.
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Westport’s BAF Buy: a Deeper Dive

June 29, 2013 in CNG, Companies, NGVs by Rich Piellisch  |  No Comments

One Mission Accomplished, Clean Energy Looks to Core Business;
Westport Boosts Light Duty Upfit Business That’s Exclusively Its Own

Clean Energy Fuels purchased BAF Technologies in autumn 2009 to ensure that BAF could handle an historic CNG upfit job it had undertaken for AT&T. BAF has now converted more than 3,000 Ford vehicles for the telcom – out of more than 20,000 overall – and Clean Energy is turning its attention to its core business of providing natural gas fuel.

Westport Innovations, meanwhile, is perhaps best known for its Westport HD system for Class 8 trucks built around the 15-liter Cummins ISX, but shipped only three during the first quarter (by contrast, the Cummins Westport, Inc. joint venture for spark-ignition natural gas engines shipped 1,313 units during the quarter).

this is an update of an item posted when the acquisition news broke on Friday
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Westport Buys BAF from Clean Energy

June 28, 2013 in CNG, Companies, LNG, NGVs by Rich Piellisch  |  No Comments

‘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
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Westport for CNG Volvo V60

June 12, 2013 in CNG by Rich Piellisch  |  No Comments

Bi-Fuel Sedan Is to Go on Sale in Sweden in October

Westport Innovations is spreading the word that Volvo Car unveiled its new Volvo V60 Bi-Fuel sedan in conjunction with the NGV 2013 event being held this week in Gothenburg, Sweden.
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Westport Pact with China’s ENN

March 3, 2013 in Uncategorized by Rich Piellisch  |  No Comments

Natural Gas for Road Vehicles, Off-Road, Ships and Rail

Canada’s Westport Innovation has disclosed a co-marketing agreement with China’s ENN Group “aimed at the proliferation of natural gas and liquefied natural gas transportation solutions and fuel for on-road, off-road, rail and marine applications.”
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