Business
Westport and Caterpillar Announce Agreement to Develop Natural Gas Technology for Off-Road Equipment
- The two companies are positioned to be the first to offer Westport™ HPDI technolo...
About this update from Westport Fuel Systems, Inc.
[{"type":"text","content":"\n\n\n\n\n\n- The two companies are positioned to be the first to offer Westport™ HPDI\n technology in the high horsepower off-road market; initial focus on\n mining trucks and locomotives; Video Link for Caterpillar, EMD and\n Westport Executive Statements Included in Press Release -\n\n\nVANCOUVER, June 5, 2012 /CNW/ - Westport Innovations Inc.\n (TSX:WPT/NASDAQ:WPRT), a global leader in natural gas engines, has\n signed agreements with Caterpillar Inc. (NYSE: CAT) to co-develop\n natural gas technology for off-road equipment, including mining trucks\n and locomotives. Caterpillar and Westport will combine technologies and\n expertise, including Westport™ High Pressure Direct Injection (HPDI)\n technology and Caterpillar's industry leading off-road engine and\n machine product technology, to develop the natural gas fuel system.\n Caterpillar will fund the development program. When the products go to\n market, Westport expects to participate in the supply of key\n components.\n\n\n\"This is a significant opportunity that has the potential to transform\n important segments of the global off-road equipment industries,\" said\n David Demers, CEO of Westport Innovations.  \"We are working with the\n global leader in engines, locomotives and off-road equipment to develop\n an attractive natural gas offering for their customers.  The\n substantial price difference between natural gas and diesel fuel is\n resulting in a strong financial incentive to enable off-road\n applications to take advantage of low natural gas energy costs without\n sacrificing operational performance. There is also a clear\n environmental incentive because of the reduced carbon emissions. \n Adding to the solid business case for this program is the potential to\n convert existing field units to natural gas - opening up a whole new\n market opportunity.\"\n\n\nWhile the agreements initially focus on engines used in mining trucks\n and locomotives, the companies will also develop natural gas technology\n for Caterpillar's off-road engines, which are used in a variety of\n electric power, industrial, machine, marine and petroleum applications\n worldwide.\n\n\n\"This agreement does more than pair two leaders in their respective\n industries,\" said Steve Fisher, vice president of Caterpillar's Large\n Power Systems Division. \"Many of ...