July 18, 2008

Westport Innovations joins diesel research joint venture

VANCOUVER

Westport Innovations Inc. has announced a joint venture with Chinese heavy-duty engine maker Weichai Power Co. and Hong Kong Peterson (CNG) Equipment Ltd.

The new entity, Weichai Westport Inc., “will research, develop, design, manufacture, market, distribute and sell advanced alternative fuel engines (and relevant parts and kits) for use in automobiles, heavy-duty trucks, power generation and shipping applications,” Westport said .

The Vancouver-based developer of clean-diesel technology will invest US$4.5 million for a 35 per cent stake in Weichai Westport.

Weichai Power will hold 40 per cent and Hong Kong Peterson will own 25 per cent under a 30-year agreement.

“We are working with the largest heavy-duty engine manufacturer in China where over 450,000 heavy-duty trucks are introduced onto Chinese highways every year,” stated Westport CEO David Demers.

Westport already has a joint venture with engine marker Cummins and BTIC Westport, a joint venture with Beijing Tianhai Industry Co., makes LNG fuel tanks for vehicles.

Canadian Press

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