Welcome to our dedicated page for Westport Fuel Systems news (Ticker: WPRT), a resource for investors and traders seeking the latest updates and insights on Westport Fuel Systems stock.
Westport Fuel Systems Inc (WPRT) is a global leader in advanced alternative fuel technologies, delivering clean energy solutions for transportation sector decarbonization. This page provides investors and industry stakeholders with timely, verified updates on the company’s strategic initiatives and market developments.
Access the latest press releases, earnings reports, and announcements covering WPRT’s engineering innovations, OEM partnerships, and aftermarket solutions. Track progress in natural gas, hydrogen, and renewable fuel systems designed to reduce emissions across global transportation networks.
Key updates include product launches, regulatory milestones, joint ventures, and financial performance. Our curated news collection ensures you stay informed on WPRT’s role in advancing sustainable mobility while maintaining compliance with evolving environmental standards.
Bookmark this page for direct access to Westport Fuel Systems’ official communications and analysis of their clean energy technology roadmap. Regularly updated to provide a comprehensive view of the company’s contributions to low-carbon transportation solutions.
Volvo Group and Westport Fuel Systems have launched a transformative joint venture focused on the global adoption of the HPDI™ fuel system, which was celebrated at the University of British Columbia. This partnership aims to accelerate the commercialization of the HPDI technology, advancing sustainable transportation solutions using renewable fuels and hydrogen. The JV leverages Volvo's vehicle manufacturing expertise and Westport's innovative fuel systems to significantly reduce carbon emissions in heavy-duty transportation. Since HPDI's commercial debut in 2018, it has helped avoid hundreds of thousands of tons of CO2 emissions annually.
Westport Fuel Systems (TSX: WPRT, Nasdaq: WPRT) has released its 2023 Environmental, Social, and Governance (ESG) report. The report highlights significant achievements, including a 20% reduction in Scope 1 CO2 emissions and a 7% decrease in Scope 2 emissions. Over 90% of waste from production sites was recycled, and Scope 3 GHG emissions were disclosed. The company's workforce is composed of 32% females. Westport received two national awards: the Friendly Workplace recognition in Poland and the Award for Excellence in Italy. The company is also working on the implementation of the Corporate Sustainability Reporting Directive (CSRD) for enhanced transparency and accountability. CEO Dan Sceli reiterated the company's commitment to decarbonizing transportation and fostering a sustainable future.
Westport Fuel Systems held its Annual General Meeting virtually on June 13, 2024. Shareholders approved all resolutions, including the election of directors, appointment of auditors, and an advisory Say-on-Pay vote. Key outcomes include:
1. Election of seven directors, all approved with a range of 78.81% to 91.40% votes in favor.
2. Appointment of KPMG LLP as auditors with 97.91% votes in favor.
3. An advisory vote on executive compensation, approved by 78.37% of votes.
Westport Fuel Systems (TSX: WPRT, Nasdaq: WPRT) and Volvo Group have closed their joint venture to promote Westport's HPDI™ fuel system technology for long-haul and off-road use. The venture aims to advance the commercialization and global adoption of HPDI, known for its capacity to create affordable and sustainable solutions for heavy-duty transport. Westport's CEO, Dan Sceli, serves as the interim CEO of the joint venture, headquartered in Vancouver. Volvo has invested $28 million for a 45% stake, with an additional $45 million contingent on future performance. The venture will operate independently, combining assets and expertise from both companies.
Westport Fuel Systems Inc. reported financial results for Q1 2024, highlighting a revenue decrease of 6% to $77.6 million compared to the same period in 2023. The net loss increased to $13.6 million, and adjusted EBITDA was negative $6.6 million, signaling financial challenges. Despite these setbacks, the company is focusing on cost-saving measures, workforce streamlining, and operational efficiencies to drive profitability. The recent EU regulatory updates position Westport's technologies for heavy-duty vehicles favorably, and the company continues to focus on sustainability and innovation for future growth.
