Canada, Vancouver
Perseus, L.L.C. Completes $22.1 Million Strategic Investment in Westport Innovations
$10 Million Non-Dilutive Funding Transaction with Matco Capital
Westport Innovations has announced a capital injection of $22.1 million through investment fund manager Perseus LLC (USA) as well as a restructure of its subsidiary Westport Research Inc (WRI), which will see assets transferred to other Westport subsidiaries and Matco Capital take a stake in WRI.
Perseus already has a stake in alternative transport, through a shareholding in California based Clean Energy fuels, of which Westport is also a shareholder.
Proceeds from the investment will fund commercial launch of HPDI LNG truck engines in North America and Australia, development of Westport’s international business ventures, and general working capital requirements.
Meanwhile the Matco transaction will see Matco purchase a 45% equity interest in WRI, following which Westport and Matco will source and pursue other opportunities to maximize the value of their respective interests in WRI. Westport will also retain all rights to its intellectual property and will continue to develop and commercialize HPDI technology under its current business plans.
Westport is due to have their 4th quarter and year end conference call today.
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