Volvo and Westport sign agreement
Producer of natural gas-burning engines, Vancouver, Canada-based Westport Innovations, is to manufacture engines for motor company Volvo after it signed an agreement to develop products that will run off biogas and natural gas.
Although the company refused to divulge any information surrounding the new engine products, Westport explained that it would be repaid for the engineering and related development costs upon meeting certain targets.
‘Natural gas and biogas are quickly becoming the alternative fuel choice for commercial vehicles and we expect this will lead to a new generation of clean, low-emission engines from Volvo,’ Westport’s CEO David Demers said.
According to Westport, the agreement came about after both companies signed a deal back in 2009 that saw Westport supply heavy-duty natural gas engines.
At midday trading on 13 July Westport’s share price had risen 4.6% to $17.22 (€13.45).
Although the company refused to divulge any information surrounding the new engine products, Westport explained that it would be repaid for the engineering and related development costs upon meeting certain targets.
‘Natural gas and biogas are quickly becoming the alternative fuel choice for commercial vehicles and we expect this will lead to a new generation of clean, low-emission engines from Volvo,’ Westport’s CEO David Demers said.
According to Westport, the agreement came about after both companies signed a deal back in 2009 that saw Westport supply heavy-duty natural gas engines.
At midday trading on 13 July Westport’s share price had risen 4.6% to $17.22 (€13.45).
