Westport Signs Investment Agreement with Financial Group for up to $71.3 Million
Westport Innovations has entered into an agreement with Cartesian Capital Group, of New York, for up to $71.3 million in financing to support global growth initiatives. The financing agreement immediately provides $17.5 million in non-dilutive capital with up to $53.8 million in additional capital contingent on reaching key milestones and establishing new investment opportunities. This financing package includes a contingent payment (derived substantially from future High Pressure Direct Injection (HPDI) product sales), a convertible debenture, non-core asset sales, and incremental funding capacity to support future product development. As part of the financing agreement, Peter Yu, Managing Partner and Founder of Cartesian, will be appointed to Westport’s Board of Directors.
“This financing creates a solid financial foundation and clear path to the commercial launch of key products,” said David Demers, CEO of Westport.