Westport Fuel Systems Awarded GASTEC Tender

Rhea-AI Summary

Westport Fuel Systems has been awarded a competitive tender by Egyptian International Gas Technology Company (GASTEC) to supply 6,300 compressed natural gas (CNG) sequential injection fuel systems in 2020. This partnership marks a significant step for Westport in expanding its presence in the growing Egyptian alternative fuel market. GASTEC, recognized for having the largest network of CNG stations in Egypt, is involved in a government initiative to convert 50,000 cars annually to natural gas, enhancing the demand for Westport’s fuel systems.

Positive

• Awarded a contract to supply 6,300 CNG systems, enhancing market presence.
• GASTEC's position as the largest CNG network boosts potential sales.

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• None.

VANCOUVER, British Columbia, May 26, 2020 (GLOBE NEWSWIRE) -- Westport Fuel Systems Inc. (“Westport Fuel Systems” or the “Company”) (TSX:WPRT / Nasdaq:WPRT) today announced that they have been awarded a competitive tender bid by the Egyptian International Gas Technology Company (“GASTEC”) to supply 6,300 compressed natural gas (“CNG”) sequential injection fuel systems into the growing Egyptian market in 2020.

“This tender is evidence of the quality and performance of BRC’s sequential injection fuel system in a highly competitive market,” said Massimiliano Fissore, Executive Vice President Transportation at Westport Fuel Systems. “We are pleased to be GASTEC’s preferred partner to support the expansion of the CNG vehicle market in Egypt, one of the world’s most promising alternative fuel markets.”

GASTEC owns the largest network of CNG stations and conversion centers in Egypt. Among the six natural gas vehicle companies in Egypt, it is consistently ranked first in terms of gas sales by volume and the number of vehicles converted annually. In August 2019, Egypt’s Minister of Petroleum and Mineral Resources announced an integrated action plan to expand the use of natural gas for transportation and to incentivize drivers to convert their vehicles with a goal to convert 50,000 cars annually.

About Westport Fuel Systems

At Westport Fuel Systems, we are driving innovation to power a cleaner tomorrow. We are a leading supplier of advanced fuel delivery components and systems for clean, low-carbon fuels such as natural gas, renewable natural gas, propane, and hydrogen to the global automotive industry. Our technology delivers the performance and fuel efficiency required by transportation applications and the environmental benefits that address climate change and urban air quality challenges. Headquartered in Vancouver, Canada, with operations in Europe, Asia, North America and South America, we serve our customers in more than 70 countries with leading global transportation brands. At Westport Fuel Systems, we think ahead. For more information, visit www.wfsinc.com.

Investor Inquiries:

Shawn Severson
Investor Relations
T: +1 604-718-2046
E: invest@wfsinc.com

FAQ

What is the significance of Westport Fuel Systems' recent contract with GASTEC?

The contract is significant as it allows Westport to supply 6,300 CNG fuel systems to a major distributor in Egypt, increasing its market share.

How many CNG systems is Westport Fuel Systems supplying to Egypt in 2020?

Westport Fuel Systems is supplying 6,300 CNG systems in 2020.

Who is GASTEC and what role do they play in Westport's contract?

GASTEC is the Egyptian International Gas Technology Company, awarded the contract to supply CNG systems, indicating Westport's strategic partnership in the Egyptian market.

What are the goals of the Egyptian government regarding natural gas vehicle conversion?

The Egyptian government aims to convert 50,000 cars annually to natural gas, promoting the use of alternative fuels.

What market does Westport Fuel Systems aim to expand into with this tender?

Westport Fuel Systems aims to expand into the Egyptian alternative fuel market.