Westport’s public share offering raises USD115m for expanding High-Pressure Direct Injection production capacity in China
By Jim Gibbins - 1st June 2021
Canada / China - Westport Fuel Systems Inc of Vancouver, Canada on June 8, 2021, through public offerings on the US Nasdaq Exchange and Canadian Toronto Stock Exchange of 20,930,000 shares at USD5.50 a share, generated USD115,115,000.00 in gross proceeds.
Westport Fuel Systems says it intends to use the net proceeds primarily for capital expenditures to expand and automate the production capacity of the company’s High-Pressure Direct Injection (HPDI) products to meet customer demand, and to advance the research and development of the company's HPDI technology to decarbonise transportation economically and efficiently, including using hydrogen fuel. The remainder of the funds is to be allocated for potential acquisitions of bolt-on businesses offering complementary capabilities or technologies to existing businesses, to further strengthen the balance sheet, as well as for general corporate purposes.
