Last C$18.61 CAD
Change Today -0.24 / -1.27%
Volume 94.8K
WPT On Other Exchanges
As of 4:00 PM 07/24/14 All times are local (Market data is delayed by at least 15 minutes).

westport innovations inc (WPT) Snapshot

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07/31/13 - C$34.23
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04/15/14 - C$13.66
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westport innovations inc (WPT) Details

Westport Innovations Inc. provides low-emission engine and fuel system technologies utilizing gaseous fuels. The company’s technology and products enable light, medium, heavy-duty, and high horsepower petroleum-based fuel engines to use primarily natural gas and alternative fuels. It designs, manufactures, and sells compressed natural gas, liquefied petroleum gas, and liquefied natural gas (LNG) components and subsystems to original equipment manufacturers. The company also designs and manufactures various components, such as pressure regulators, injectors, electronic control units, valves, and filters; sells monofuel and bi-fuel conversion kits; and offers engine management solutions and systems. In addition, it engineers, designs, assembles, and sells natural gas engine and vehicle systems for automotive, light commercial, and trucking applications; and provides aftermarket conversion products, alternative fuel systems, and application engineering services. Further, the company offers LNG products for storage and supply of natural gas for natural gas powered locomotives; industrial engines for material handling; and products for forklift and oilfield applications. Additionally, Westport Innovations Inc. provides engines for use in transit, school and shuttle buses, conventional trucks and tractors, and refuse collection trucks, as well as specialty vehicles, such as short-haul port drayage trucks and street sweepers; and develops, manufactures, and sells alternative fuel engines and parts that are used in city bus, coach, and heavy-duty truck applications. Westport Innovations Inc. was founded in 1995 and is headquartered in Vancouver, Canada.

872 Employees
Last Reported Date: 02/26/14
Founded in 1995

westport innovations inc (WPT) Top Compensated Officers

Founder, Chief Executive Officer, Director, M...
Total Annual Compensation: C$700.0K
President and Chief Operating Officer
Total Annual Compensation: C$235.5K
Executive Vice President
Total Annual Compensation: C$440.0K
Vice President of Corporate Development and M...
Total Annual Compensation: C$375.0K
Compensation as of Fiscal Year 2013.

westport innovations inc (WPT) Key Developments

Westport Innovations Inc. Extends Maturity of Existing Debentures and Issues CAD 19 Million Additional 9% Debentures

Westport Innovations Inc. announced that it has extended the maturity date of its 9% unsecured subordinated non-convertible debentures formerly due September 22, 2014 to September 15, 2017; and secured an additional CAD 19 million in debentures on the same terms, bringing the total outstanding debentures to CAD 55 million. The maturity date of the existing debentures was extended by execution of a Supplemental Indenture and an extraordinary resolution of existing debenture holders, for which support of approximately 92.5% of holders was obtained. The Supplemental Indenture: extends the maturity date of the current debentures from September 22, 2014 to September 15, 2017; provides for the issuance of additional debentures under the Indenture, on identical terms to the existing debentures, of which CAD 19 million have been issued; allows holders of all debentures to elect, up to six times, to extend the maturity date of their respective debentures by a successive six month term, subject to a minimum of CAD 10 million debentures remaining outstanding; and increases the amount of permitted additional unsecured indebtedness and guarantees from CAD 50 million to CAD 70 million to reflect the additional debentures issued. Based upon the strong support of the existing debenture holders to extend the maturity date, Westport raised CAD 19 million through the issuance of Series 2 Debentures offered by Richardson GMP Limited, on a private placement basis. The Series 2 Debentures ranked pari passu with and are issued on identical terms to the existing debentures, will mature on September 15, 2017 and bear interest at 9% per annum, payable in cash semi-annually in arrears on March 15th and September 15th of each year during the term, commencing on September 15, 2014.

Westport Innovations Inc. Launches Final Customer Validation Units of the Next Generation Westport High Pressure Direct Injection on the Weichai Westport WP12 Engine Platform

Westport Innovations Inc. announced the launch of final customer validation units of the next generation Westport high pressure direct injection (WestportTM HPDI 2.0) on the Weichai Westport WP12 engine platform. The Weichai Westport WP 12 HPDI is China's first engine featuring Westport HPDI technology, delivering the power and performance of the base diesel engine, while replacing up to 95% of diesel fuel with cleaner burning, less expensive natural gas. Weichai Westport plans to release 30 trucks for customer validation through 2014 with factory production expected to start in 2015. The WP12 with Westport HPDI 2.0 will be certified to be compliant with China V emissions standardsAs part of Weichai's ongoing commitment to running clean-burning, lower-cost natural gas and offering its customers diesel-like performance, Weichai and Westport have agreed to develop the 10 litre Weichai Westport WD10 engine with Westport HPDI 2.0. Weichai Westport will provide funding for the development with Westport supplying key components and engineering support. Due to commonality with the WP12, the program is expected to take approximately two years with product availability planned for 2016. The current generation Weichai Westport WD10 and WP12 natural gas engines, using lean burn spark ignited technology, account for about 75% of Weichai Westport's engine unit sales. The low cost of natural gas, combined with the large amount of domestic reserves, make it an attractive transportation fuel source for China. Using Westport HPDI, the WP12 engine is expected to meet China V emission standards without a complex after-treatment system. Fleet customers can achieve significant additional benefits including: The price of natural gas, on a diesel gallon equivalent basis, is far lower than that of diesel; The load control of the engine with no throttle valve saves fuel; The high-pressure direct injection system features a concentric injector nozzle to deliver both diesel fuel and natural gas directly into the cylinder. This unique approach to natural gas combustion enhances performance, and reduces fuel consumption, emissions and noise; Maintains the power, torque and performance of the base diesel engine, even at high altitude; and replacement of up to 95% of diesel fuel with cleaner burning, less expensive natural gas.

Westport Innovations Inc. Announces Management Appointments

Westport Innovations Inc. announced that Ashoka Achuthan has been appointed as Chief Financial Officer (CFO) of Westport. Bill Larkin has been appointed to Vice President, Corporate Development, focusing on strategic initiatives and investments, and development agreements that will contribute to Westport's financial growth. Ashoka has been with Westport since November 2013 as Executive Vice President, Finance Operations. In this role, he oversaw all operational finance activities within Westport, including financial management of ongoing business operations as well as investments; financial planning, forecasting and reporting; and developing and tracking key performance metrics. Prior to joining Westport, he was CFO at CODA Holdings Inc.


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