October 29, 2007
Vancouver company forms joint venture for alternative fuel engines
Vancouver, British Columbia – Westport Innovations Inc. of Vancouver has announced it has formed an equity joint venture with OMVL SpA of Italy to design, produce and sell alternative fuel engines in the sub-five-litre class for global applications.
The new, jointly-controlled company will be headquartered in Canada and will exploit the global engineering, production and distribution strengths of OMVL and its parent company, SIT Group, to deliver engines worldwide. Westport will support the new venture through supply of technology, design, testing and market development services.
“With high oil prices and the growing concern about carbon emissions, we believe the market for engines operating on low-carbon fuels such as natural gas, LPG and hydrogen will continue to grow rapidly,” says David Demers, CEO of Westport. “Our new partnership with OMVL will create a focused engine specialist to provide market-leading, high-performance, alternative fuel solutions to customers around the world. With the complementary skills and experience brought to the new venture by its founding parents, we look forward to the successful launch of a major new initiative in the alternative fuels industry.”