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Westport Announces Director Retirement
Westport Fuel Systems Inc. ("Westport") (TSX:WPRT Nasdaq:WPRT), announces that Brenda Eprile has retired from Westport's Board of Directors (the "Board"), effective January 6, 2025. The Board is currently evaluating alternatives with respect to the appointment of an independent director to fill the vacancy.
"On behalf of the entire Board of Directors, I would like to express our deepest gratitude to Brenda for her exceptional leadership and unwavering dedication throughout her 11 year tenure," said Dan Hancock, Westport Fuel Systems Board Chair. "Brenda has been an invaluable part of our team, and we wish her well in her next chapter."
About Westport Fuel Systems
At Westport Fuel Systems, we are driving innovation to power a cleaner tomorrow. We are a leading supplier of advanced fuel delivery components and systems for clean, low-carbon fuels such as natural gas, renewable natural gas, propane, and hydrogen to the global transportation industry. Our technology delivers the performance and fuel efficiency required by transportation applications and the environmental benefits that address climate change and urban air quality challenges. Headquartered in Vancouver, Canada, with operations in Europe, Asia, North America, and South America, we serve our customers in more than 70 countries with leading global transportation brands. At Westport Fuel Systems, we think ahead. For more information, visit www.wfsinc.com.
Investor Inquiries:
Investor Relations
T: +1 604-718-2046
E: invest@wfsinc.com
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Term Sheet for Hydrogen Supply and Offtake with Uniper
Highlights:
- Provaris, Uniper and Norwegian Hydrogen sign a conditional Term Sheet for hydrogen supply, transport and offtake.
- Agreed Key Terms and Conditions to form the basis of negotiating a binding Hydrogen SPA, targeted for June 2025.
- Annual volume of 42,500 tonnes per year of RFNBO1-certified hydrogen to be delivered as gaseous compressed hydrogen using Provaris’ H2Neo carriers.
- Uniper Global Commodities SE will be the buyer of hydrogen at an agreed fixed price and responsible for the receiving terminal in North-Western Europe for delivery.
- Commencement of cargos deliveries is targeted for early-2029, for a minimum term of 10-years, making it Europe’s first regional hydrogen marine transport project at scale.
- Term Sheet for supply of hydrogen using Provaris carriers demonstrates Uniper’s commitment to a portfolio of supply sources, including a focus on supply from the Nordic Region.
- Provaris’ approach to hydrogen supply and transport provides a standardized, efficient and flexible approach to scaling hydrogen supply, which is exactly what Germany and Europe needs to meet its 2030 decarbonisation targets.
Execution of the Term Sheet achieves a significant milestone under the Memorandum of Understanding (MOU), announced in August 2024, and facilitates ongoing co-operation on developing hydrogen supply chains based on Provaris’ compressed hydrogen carriers from Norway and other potential Nordic sites to import locations in North- Western Europe.
Provaris’ Managing Director and CEO, Martin Carolan, stated: “We are delighted to see the collaboration has progressed to a Term Sheet for hydrogen supply and offtake. This represents a key milestone for Provaris and validation towards developing regional bulk-scale hydrogen supply chains within Europe using Provaris’ H2Neo compressed hydrogen carriers.”
Norwegian Hydrogen CEO, Jens Berge, added: “We’re very excited about this tri-party collaboration, and it’s rewarding for all three parties to see our efforts progress into increasingly concrete and advanced stages”
Uniper Global Commodities SE, Senior Vice President - New Energies Origination, Benedikt Messner, commented: “We think that the innovative transport concept by Provaris might be a solution to connect commercially interesting hydrogen supply locations with our core markets and look forward to the continuation of our collaboration.”
Compression Replaces Complexity with Simplicity to Lower the Delivered Cost of Hydrogen
Analysis by the collaboration partners has highlighted that when customer demand is for hydrogen (not a derivative), regionally sourced hydrogen from the Nordics, transported through Provaris’ compressed hydrogen carriers, provides an efficient and cost-effective supply chain, limiting the losses in the entire chain from electrolyzer through to the distribution pipeline in Europe.
Lowering the energy consumption over the entire supply chain results in more renewable energy available for hydrogen production and higher volumes delivered.
Hydrogen Supply Chain Development
Provaris and Norwegian Hydrogen are collaborating on the development of the supply of RFNBO compliant hydrogen, which will be stored and transported using Provaris’ H2Neo carriers. Work is underway to outline the preferred sites in the Nordics, including Norway and Finland. Sites with a detailed feasibility include the FjordH2 Project located in the Alesund region, Norway.
Based on the proposed hydrogen volumes and shipping distance, the supply chain’s storage and shipping infrastructure using Provaris’ proprietary shipping solutions will include one (1) H2Leo barge storage at the production site, with a capacity of 450 tonnes of compressed hydrogen at 250 barg pressure, and two (2) H2Neo hydrogen carriers with an individual storage capacity of 450 tonnes of compressed hydrogen at 250 barg pressure. Provaris continues to progress both the H2Neo and H2Leo towards Final Class approvals in the first half of 2025.
Uniper will be responsible for the selection and development of the import terminal and are working with Provaris to outline the capital and operating equipment to discharge the H2Neo carriers, which includes an assessment of optimal storage and connection to the European Hydrogen Backbone for distribution to industrial sectors. Simplicity of port infrastructure provides for the flexibility of nominating one or more entry ports.
The Term Sheet remains conditional upon, among others, the negotiation and execution of a fully termed Hydrogen SPA and obtaining all necessary approvals.
Illustration of the Regional Supply locations from the Nordic Region into North-West European ports with hydrogen import development plans linked to the future development of Germany’s core hydrogen network
Source: Provaris Energy
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This article includes content from Provaris Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
