Westport Signs Letter of Intent with Leading Chinese Engine Manufacturer
VANCOUVER, British Columbia--Sept. 14, 2005--Westport Innovations Inc. (TSX:WPT) announced today that it has signed a Letter of Intent with Weichai Power Co. Ltd. (HK:2338) to cooperate on the development, marketing, and sales of gaseous-fuelled engines and vehicles for the Chinese market. The two companies will continue to negotiate the terms of use of Westport's portfolio of advanced clean natural gas technologies on Weichai's engine platforms.Weichai is one of China's largest manufacturers of internal combustion engines with over 70 percent share in both the heavy-duty vehicle and construction machine markets. It has 200 models of advanced diesel engine products, which are widely used in heavy-duty trucks, large buses, construction machinery, marine vessels, and power generation. In 2004, Weichai sold 134,464 engines and posted revenue of over RmB 6.2 Billion (CDN 900 Million). A public company listed on the Hong Kong Stock Exchange, Weichai has more than 1000 authorized maintenance centres in China. For more information on Weichai, please refer to their website at www.weichai.com/English.
Weichai's Chairman and Chief Executive Officer, Mr. Tan Xuguang, said he looks forward to working with Westport to bring high-performance, fuel-efficient, clean engine products to China's transportation market. "Westport has the world's leading internal combustion engine technologies using CNG, LNG, and hydrogen that can offer near-term, viable solutions to China's energy security and environmental challenges."
Mr. David Demers, Westport's Chief Executive Officer, said, "Weichai is one of the largest engine manufacturers in China, and is a market leader in introducing innovative environmental products to its customers. We are excited about this chance to partner with them to introduce our technologies into the Chinese market."
"This cooperation with Weichai will represent a significant opportunity for us to advance the use of Westport's technologies for transportation use in China, which is the world's largest heavy- and medium-duty truck market. Weichai's leadership position in market share, technology, and product development will better enable us to bring our environmental technologies to the Chinese domestic and international markets faster, more effectively, and more economically," said Phil Hodge, Westport's Vice President responsible for Westport's China programs.
About Westport Innovations Inc.
Westport Innovations Inc. is the leading developer of technologies that allow engines to operate on clean-burning fuels such as natural gas, hydrogen, and hydrogen-enriched natural gas (HCNG). Westport has technology development alliances in place with Cummins, Ford, MAN, BMW, and Isuzu, as well as an ownership interest in Clean Energy, the largest provider of natural gas for vehicles in North America. Cummins Westport Inc., Westport's joint venture with Cummins Inc., manufactures and sells the world's widest range of low-emissions alternative fuel engines for commercial transportation applications such as trucks and buses.
Westport Innovations Inc. (TSX:WPT)