Cartesian Capital to invest up to $71.3 mln in Westport Innovations
Westport Innovations Inc (TSX: WPT, Nasdaq: WPRT) has struck a deal to receive up to US$71.3 million in financing from U.S. private equity firm Cartesian Capital Group. The deal calls for an up-front investment of US$17.5 million in non-dilutive capital, with additional funding to come as milestones are reached and new opportunities are established. With the deal, Cartesian Founder Peter Yu will join the company's board of directors. Vancouver-based Westport, a developer of advanced, low-emission fuel system and vehicle technologies, said the investment will support its global growth initiatives. In September, the company agreed to merge with Fuel Systems Solutions Inc.
12 January 2016•6 mins read
