Organization: Westport Innovations Inc

Westport signs private equity deal for up to $71.3 million

Westport Innovations Inc, a Vancouver-based developer of natural gas engines and vehicles, will receive up to $71.3 million in financing from New York City-based private equity firm Cartesian Capital Group. The agreement will see $17.3 million provided immediately, $17,5 million in convertible debenture notes, $20 million to support two or more new product ventures and…

Westport enters R&D agreement with GM

Westport Innovations Inc, Vancouver, has announced an R&D agreement with General Motors, Detroit MI, to develop advanced natural gas engine technology for the automotive market. As part of the agreement Westport will open a new Technical Centre in Farmington MI, expanding a facility where it already employs 15 people. Natural gas produces 15-20% less CO2…

Westport acquires Italy’s OMVL for US$23.4 million

Vancouver-based Westport Innovations Inc has acquired OMVL SpA, Bologna Italy, and its 51% interest in Juniper Engines, for US$23.4 million. OMVL is designs, manufactures and markets complete fueling systems for gas-propelled vehicles and for the conversion of engines from petrol to compressed natural gas and liquefied petroleum gas. Westport already has a joint venture with…

Westport raises $54 million for engine development

Westport Innovations Inc has completed a US$54-million equity offering of 4.5 million common shares which it will use for R&D and market development of its low-emissions diesel engines that burn natural gas. The financing is the second in just two months and follows a $15-million offering of 15,000 debenture units convertible into common shares. Westport…

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…

Westport Innovations scores IRAP funding

Westport Innovations Inc has been awarded $567,000 from the National Research Council’s Industrial Research Assistance Program. Westport will use the funding to offset costs related to its work in Asia and development of its natural gas and hydrogen engine technologies. Westport is placing considerable emphasis on penetrating the Asian market with its technologies for high-efficiency,…

Westport Innovations raises $12.6 million

Westport Innovations Inc has concluded a bought financing deal for gross proceeds of $12.6 million. The financing was provided by a syndicate led by Canaccord Capital Corp and includes National Bank Financial Inc, CIBC World Markets, Raymond James Ltd and TD Securities Ltd. The proceeds will be used by the Vancouver-based developer and manufacturer of…

Westport engines part of low emissions bus demo

A consortium including Vancouver’s Westport Innovations Inc has received $5.8 million from Sustainable Development Technology Canada to undertake a project that includes the demonstration of five transit buses fuelled with blend hydrogen and natural gas. The project is led by Sacré-Davey Engineering and will likely include the Greater Vancouver Transportation Authority (TransLink). The funding is…

Westport Innovations joins Fuel Cells Canada

Westport Innovations Inc has joined Fuel Cells Canada (FCC) and appointed COO Dr Michael Gallagher to its board of directors. The inclusion of Westport is seen as a major boost for FCC’s ambition to create a hydrogen highway and develop demonstration projects in time for the 2010 Winter Olympics (R$, October 27/03). Westport develops gaseous…

Westport raises $16.6 million to fund R&D

Westport Innovations Inc has added $16.6 million to its R&D war chest via a bought deal financing agreement with several investment brokers led by Raymond James Ltd. The syndicate also includes National Bank Financial Inc, TD Securities Inc, Canaccord Capital Corp and Sprott Securities. The investors also have the option on more shares – valued…