Westport Innovations, the global leader in natural gas engines, reported financial results for the first quarter ended March 31, 2012.
“ The numbers are compelling ,” said David Demers, CEO of Westport Innovations. “ Compared to the same period last year, Westport Light-Duty revenue was up 258%, Cummins Westport revenue was up 110%, Westport Heavy-Duty revenue was up 65%, and Weichai Westport revenue was up 49%. Customer interest is expanding rapidly, and we see an array of potential investment opportunities with our global partners. Adding to our financial growth, we expect to announce new partnerships in each of our business units this year. ”
“ Strong growth across all our business units and in all geographic regions continues to demonstrate the rapid emergence of natural gas as a significant fuel for transportation applications ,” added Demers. “ We are at the start of a long wave of change in both energy and transportation and we believe Westport is well positioned to establish a leading position in this new industry .”
“Over the next three years, we will be launching new products in existing and new markets. The new ISX12 G engine from CWI is a significant step into a major new market opportunity, targeting regional haul, vocational and refuse truck applications. The new Weichai Westport™ WP12 High Pressure Direct Injection (HPDI) Landking 12-litre engine marks a historic shift in technology and engine development in China. The new Westport WiNG™ Power System is a fully-integrated, CNG bi-fuel system for the Ford F-250 and F-350 pick-up trucks, with an industry-leading starting price point. We are advancing steadily to Volvo’s launch of an HPDI heavy-duty natural gas engine for the European market and recently started working with a global engine OEM to develop an HPDI heavy-duty natural gas engine for the North American market. Including our share of the CWI engine program, Westport expects to invest more than $80 million this year in new product and technology development .”
First Quarter Financial and Business Highlights
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LNG World News Staff, May 10, 2012