Westport Shares Rise Sharply After JV Receives Approval in China for HPDI 2.0 Powered Natural Gas Engine
Source: Streetwise Reports
September 21, 2020 (Investorideas.com Newswire) Shares of Westport Fuel Systems traded 33% higher after the company reported its Weichai Westport joint venture has obtained Chinese certification for WP12 natural gas engine powered by HPDI 2.0.
Vancouver-based designer, manufacturer and supplier of advanced clean fuel systems and components Westport Fuel Systems Inc. (WPRT:NASDAQ) today announced that its Weichai Westport Inc. (WWI) joint venture has received "certification from the Ministry of Ecology and Environment of China (MEE) for its 12-liter engine equipped with the HPDI 2.0TM fuel system (WP12HPDI)."
The company advised that the certification permits the WWI joint venture to market and sell the heavy-duty natural gas engines with HPDI technology to truck original equipment manufacturers in China. The firm noted that "Weichai Power Co. Ltd's (WEICY:OTC-Pink) 12-liter heavy-duty engine platform is the base engine for the WP12HPDI."
The company's CEO David M. Johnson commented, "Following the delays introduced by COVID-19, I'm pleased to recognize the leadership of the Weichai Westport joint venture team in securing the certification from the MEE...The China VI emission regulations are aligned with leading heavy-duty emission standards in Europe and North America, combine the best practices from both regulations, and are one of the most stringent heavy-duty vehicle emission standards in the world."
The firm stated that it will supply critical HPDI 2.0 components to the WWI joint venture and that each of these components is required for use in every engine equipped with HPDI and sold by WWI. The company advised that it previously reported the specific details of the development and supply agreement in a prior news release.
Westport Fuel Systems is a creator, manufacturer and supplier of advanced clean fuel systems and components for the global automotive industry. The company's products are engineered for clean technology applications for low-carbon fuels such as natural gas, renewable natural gas, propane and hydrogen. The firm is based in Vancouver, B.C. and noted that it has operations in Europe, Asia, North America and South America that serve customers in 70 countries worldwide.
Westport Fuel Systems started the day with a market capitalization of around $221.7 million with approximately 136.91 million shares outstanding and a short interest of about 2.2%. WPRT shares opened 26.5% higher today at $2.05 (+$0.43, +26.54%) over yesterday's $1.62 closing price. The stock has traded today between $1.99 and $2.42 per share on more than 60 times average daily volume and is currently trading at $2.16 (+$0.54, +33.33%).
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