MaRS Centre and Bill Hutchison receive awards

Toronto's MaRS Centre and broadband networking pioneer William Hutchison have been chosen for awards this year by the New York City-based Intelligent Community Forum (ICF). The MaRS Centre was selected as the Intelligent Building of the Year for its role in supporting the growth of R&D in Toronto and Ontario. It was cited for its development of an entrepreneurial ecosystem including services for risk capital, management and business tools, access to global markets and support for start-ups. Hutchison was presented with the first-ever Lifetime Achievement Award. Among his accomplishments, he was founding chairman of CANARIE Inc (creator of CA*net 4, the world's most advanced national broadband communications research network), founding vice chairman of the National Advisory Board for Science and Technology (NABST), CEO of Consolidated Companies and a participant in several high-profile international projects....

Westport Innovations raises more than $30 million

Westport Innovations Inc has undertaken a series of transactions to raise more than $30 million as it a reports a 26% year-over-year increase in FY06 revenue to $43.6 million and a 36% reduction in its net loss to $16.9 million. In one of the deals, Westport will receive up to $22.1 million in two tranches from Perseus LLC, a Washington-based, private equity-based management firm. The first tranche of $13.8 million will close by July 15, followed by a second $8.3-million tranche subject to future milestones. Proceeds will be used to launch Westport's HPDI LNG truck engines in North America and Australia, further international business ventures and general corporate purposes. Westport has also reorganized its research subsidiary -- Westport Research Inc (WRI) - and will transfer a 45% interest to Matco Capital Ltd in return for a minimum of $10 million in cash. After current WRI assets, liabilities and operations are transferred to other wholly owned Westport subsidiaries, Westport and Matco will source and pursue other opportunities through WRI....