Westport Fuel Systems Signs US$20 Million Loan Agreement from Export Development Canada
21 Dezembro 2017 - 11:00AM
Westport Fuel Systems Inc. (“
Westport Fuel
Systems”) (TSX:WPRT) (Nasdaq:WPRT) and Export Development
Canada (“
EDC”) announced today that they have
signed a US$20 million secured term loan agreement (the
“
loan”) to support the commercial launch of
the Westport High Pressure Direct Injection 2.0 (“
Westport™
HPDI 2.0”) program.
The loan from EDC is a secured term loan that matures on
December 31, 2021, repayable in quarterly installments that
increase annually, and with an initial interest rate of 9% plus
fees, with the rate reducing to 6% upon achieving certain
milestones. Funding of the loan, which is subject to customary
conditions precedent, is expected in the coming weeks.
“We have begun the commercialization of the Westport™ HPDI 2.0
technology and expect to ramp up production in 2018,” stated Ashoka
Achuthan, Chief Financial Officer of Westport Fuel Systems. “As a
made-in-Canada clean technology company, we are pleased to have EDC
as a partner.”
“Westport Fuel Systems has the proven technology, leadership,
and innovative mindset to be a global champion in the cleantech
sector and we are happy to help them scale their new Westport™ HPDI
2.0 product internationally,” said Mark Senn, Director of EDC’s
Cleantech Team. “Canada has ambitious goals to combat global
climate change and providing this financing to Westport Fuel
Systems is one way EDC can contribute to those goals, while also
supporting the growth of an innovative Canadian company.”
EDC is Canada’s export credit agency, providing financing,
insurance, bonding, trade knowledge, and connections to support
Canadian companies sell and invest abroad.
Westport Fuel Systems was assisted in this transaction by
CoveView Advisors LLC, a financial advisory firm.
About Westport Fuel SystemsAt Westport Fuel
Systems, we are driving innovation to power a cleaner tomorrow. We
are inventors, engineers, manufacturers and suppliers of advanced
clean-burning fuel systems and components that can change the way
the world moves. Our technology delivers performance, fuel
efficiency and environmental benefits to address the challenges of
global climate change and urban air quality. Headquartered in
Vancouver, Canada, we serve our customers in more than 70 countries
with leading global transportation brands. At Westport Fuel
Systems, we think ahead. For more information, visit
www.wfsinc.com.
Note: This press release contains forward-looking statements,
including statements regarding the timing for and availability of
the loan proceeds and satisfaction of the related conditions
precedent, the demand for our products, the future success of our
business and technology strategies, investment in new product and
technology development and otherwise, intentions of partners and
potential customers, the performance and competitiveness of
Westport Fuel Systems' products and expansion of product coverage,
liquidity, future market opportunities and timing of future
agreements as well as Westport Fuel Systems management's response
to any of the aforementioned factors. These statements are neither
promises nor guarantees, but involve known and unknown risks and
uncertainties and are based on both the views of management and
assumptions that may cause our actual results, levels of activity,
performance or achievements to be materially different from any
future results, levels of activities, performance or achievements
expressed in or implied by these forward looking statements. These
risks and uncertainties include risks and assumptions related to
our industry and products, the general economy, governmental
policies and regulation, technology innovations, the availability
and price of natural gas, global government stimulus packages, the
acceptance of and shift to natural gas vehicles, the development of
competing technologies, our ability to adequately develop and
deploy our technology, the actions and determinations of our joint
venture and development partners, as well as other risk factors and
assumptions that may affect our actual results, performance or
achievements or financial position discussed in our most recent
Annual Information Form and other filings with securities
regulators. Readers should not place undue reliance on any such
forward-looking statements, which speak only as of the date they
were made. We disclaim any obligation to publicly update or revise
such statements to reflect any change in our expectations or in
events, conditions or circumstances on which any such statements
may be based, or that may affect the likelihood that actual results
will differ from those set forth in these forward looking
statements except as required by National Instrument 51-102. The
contents of any website, RSS feed or twitter account referenced in
this press release are not incorporated by reference herein.
Investor Inquiries: Caroline SawamotoManager,
Investor Relations & Communications Westport Fuel
SystemsT: +1 604-718-2046invest@wfsinc.com
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