Westport Acquires Clean Energy’s Natural Gas Vehicle Business, BAF Technologies And ServoTech Engineering, To Expand Ford Product Portfolio And Dealership Coverage; Commits $5 Million To Co-Marketing Program With Clean Energy
Westport Enters New Marketing Agreement with Clean Energy
Westport has committed $5 million to a new co-marketing program aimed at increasing the natural gas vehicle market, and will allow Westport to provide purchase incentives for fleets, including fuel credits, and includes a commitment from Clean Energy to purchase Westport products.
Highlights of the new marketing agreement include but are not limited to:
- $5 million payable in March 2014 as payment for co-marketing activities by Clean Energy over the next two years
- Clean Energy will provide 750,000 GGEs (gasoline gallons equivalents) of CNG, to be used by Westport as marketing and “bundling” incentives. Fuel is useable anywhere in the Clean Energy network of CNG fueling stations until December 2015.
- Clean Energy will provide support for Westport product sales and marketing
- Westport and Clean Energy will collaborate on specific customer situations, industry activities and joint policy positions
- Clean Energy will commit to fulfill at least 50% of its light and medium duty natural gas commercial vehicle needs from Westport and BAF during the term of the marketing agreement
Westport does not expect to change its revenue outlook for 2013 at this time.About Clean Energy Fuels Corp. Clean Energy Fuels Corp. (Nasdaq: CLNE) is the largest provider of natural gas fuel for transportation in North America. We build and operate compressed natural gas (CNG) and liquefied natural gas (LNG) fueling stations; manufacture CNG and LNG equipment and technologies for ourselves and other companies; and develop renewable natural gas (RNG) production facilities. For more information, visit www.cleanenergyfuels.com About Westport Innovations Inc. Westport engineers the world’s most advanced natural gas engines and vehicles. More than that, we are fundamentally changing the way the world travels the roads, rails and seas. We work with original equipment manufacturers (OEMs) worldwide from design through to production, creating products to meet the growing demand for vehicle technology that will reduce both emissions and fuel costs. To learn more about our business, visit westport.com, subscribe to our RSS feed, or follow us on Twitter @WestportDotCom. Note: This document contains forward-looking statements about Westport’s business, operations, technology development or the environment in which it operates, which are based on Westport’s estimates, forecasts and projections. These statements include specifically, statements regarding the volume of orders expected through BAF, transaction pricing and acquisition integration matters. These statements are not guarantees of future performance, are based on a number of assumptions and involve known and unknown risks and uncertainties that are difficult to predict, or are beyond Westport’s control including the development of competing products and technologies, availability and supply of natural gas, price and supply of gasoline, timing of execution of agreements with distributors and other counterparties, and other risk factors and assumptions that may affect our actual results, performance or achievements. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. Westport disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise 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.
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