Westport Fuel Systems Inc. develops, manufactures and supplies alternative fuel systems and components for transportation applications. Its updates center on low-emissions powertrain technologies for natural gas, renewable natural gas and hydrogen, including HPDI™ fuel systems, high-pressure controls, compressed natural gas storage, and products used by OEMs and commercial transportation fleets.
Recurring news also covers Westport’s Heavy-Duty OEM activities, Cespira joint venture developments, financial results, completed Light-Duty business divestiture, production updates, and public-company reporting matters. Company disclosures have also addressed cybersecurity-related business continuity and securities-law reporting status, including management cease trade order updates tied to annual filing timing.
Westport Fuel Systems Inc. (WPRT) reported strong fourth-quarter results for 2020, achieving record revenues of $83.9 million, a 13% increase year-over-year. OEM revenue surged 32% due to rising HPDI™ 2.0 sales. The company reported a net income of $4.1 million, translating to $0.03 per share, and an adjusted EBITDA of $8.1 million. For the full year 2020, revenues totaled $252.5 million, down 17% from 2019, primarily due to COVID-19 impacts. However, the liquidity position improved through share offerings, raising $27.6 million.
Westport Fuel Systems (WPRT) announced successful initial tests of its hydrogen (H2) engine using the High Pressure Direct Injection (HPDI) 2.0™ System. The tests reveal that the H2-HPDI operates with near-zero greenhouse gas emissions and shows efficiency comparable to fuel cells in heavy-duty applications. The company aims to provide a cost-effective alternative for heavy-duty trucking, mining, marine, and rail sectors, thereby leveraging existing supply chains and manufacturing infrastructures. Upcoming results will be shared at the Vienna Motor Symposium on April 29-30, 2021.
Westport Fuel Systems (WPRT) announced it will release its financial results for Q4 and FY 2020 on March 15, 2021, after market close. A conference call is scheduled for March 16, 2021, at 10:30 AM ET to discuss these results. The company specializes in advanced fuel delivery systems for cleaner fuels, such as natural gas and hydrogen, serving customers in over 70 countries. Westport is headquartered in Vancouver, with a global presence to address climate change challenges.
Westport Fuel Systems (WPRT) announced a joint publication with AVL, focusing on the Total Cost of Ownership (TCO) analysis for hydrogen-fueled powertrains. The H2-HPDI system is presented as a cost-competitive solution to achieve near-zero CO2 emissions in heavy-duty trucking. The analysis indicates that H2-HPDI can outperform fuel cell electric vehicles in TCO by leveraging existing powertrain technologies, offering significant efficiency without the associated risks and costs of fuel cells. The HPDI 2.0 system already reduces CO2 by 23% when using fossil LNG.
Westport Fuel Systems announced that its joint venture, Weichai Westport Inc. (WWI), received certification from China's Ministry of Ecology and Environment for its 12-liter engine with HPDI 2.0 technology. This certification allows WWI to market heavy-duty natural gas engines to truck OEMs. CEO David M. Johnson acknowledged the team’s efforts amid COVID-19 delays, highlighting that China VI emission regulations align with stringent global standards. Westport will supply critical HPDI components to WWI under a prior agreement, supporting their engine sales.
Westport Fuel Systems (TSX:WPRT / Nasdaq:WPRT) has finalized agreements with UNO MINDA Group to sell its subsidiary Rohan BRC Gas Equipment Pvt. Ltd. to Minda Emer Technologies Ltd., a joint venture between the two companies. This transaction aims to consolidate manufacturing capabilities and product lines in India, enhancing operational efficiency and market offerings in the growing CNG vehicle sector. Rohan BRC, known for CNG pressure reducers and conversion kits, will integrate into Minda Emer, which focuses on CNG valves, thereby creating a more competitive presence in the Indian automotive market.
Westport Fuel Systems has secured a long-term agreement to supply electronic control units to a leading Tier One automotive supplier. This contract involves the manufacture of units for electric water pumps in two light-duty vehicle models, commencing in Q1 2021. The agreement spans seven years with an estimated sales value of US $58 million. This deal highlights Westport's competitive electronics offerings and manufacturing capabilities, reinforcing its position as a global leader in clean transportation technologies.
Westport Fuel Systems (TSX:WPRT / Nasdaq:WPRT) has secured a €7 million loan from Deutsche Bank for its Italian subsidiary, Emer S.p.A, under Italy's Liquidity Decree. This six-year loan aims to enhance liquidity amid COVID-19 and supports capital investments for long-term growth. CEO David M. Johnson noted that the funding will strengthen the financial and operational stability of their Brescia plant, crucial for their Westport HPDI 2.0 technology. The company aligns with the EU's Green Deal, focusing on clean transportation solutions to meet rising sustainable transport demands.
Westport Fuel Systems has released its inaugural Environmental, Social and Governance (ESG) Report, highlighting its commitment to sustainable growth. Key performance metrics include a 12% reduction in the global recordable injury rate and decreased energy and GHG emissions intensity. The report also features a gender-balanced Board of Directors as of April 2020. Westport aims to improve ESG performance through transparency in disclosures and metrics. The report is available on their sustainability website.
Westport Fuel Systems announced a contract with NAFTAL to supply 30,000 liquified petroleum gas (LPG) systems in Algeria. This contract extends a successful partnership, contributing to the growing demand for LPG conversions. Algeria's current fleet of LPG vehicles is about 320,000, with projections to reach 1.3 million by 2024, expanding the market share from 5.4% to 19%. The initiative supports Algeria's government efforts to reduce petrol and diesel imports and promote LPG as a national resource.