April 15, 2010 (FinancialWire) — Westport Innovations Inc. (TSX: WPT) (NASDAQ: WPRT), a firm engaged in alternative fuel, low-emissions transportation technologies, said that 790,614 warrants previously issued to Industry Canada, a department of the Government of Canada, have been exercised at a price of $10.65 per warrant generating $8.4 million in cash for the company.

Each warrant entitled the holder to one common share of Westport. As a result of the exercise of warrants, the total outstanding number of Westport common shares has increased to 39,325,853 from 38,535,239.

The warrants were issued to Industry Canada under its former Technology Partnerships Canada Program. Under the TPC program, Westport received $18.9 million to support the development of high-performance low-emissions engines for vehicles.

According to Westport, much of that development is now being commercialized through the Westport HD system. It said that TPC funding supported around 80 jobs during the work phase of the project, which was concluded on March 31, 2008.

Under the terms of the TPC agreement, Westport is also obligated to pay the greater of $1.35 million or 0.33% of annual gross revenues until March 31, 2018. Westport made its first annual payment of $1.35 million in 2009.

Canada-based Westport Innovations is a supplier of proprietary solutions meant to allow engines to operate on fuels such as compressed natural gas, liquefied natural gas, hydrogen and biofuels such as landfill gas.

The Westport GX engine and LNG system for heavy duty Class 8 trucks offers low emissions and allows trucking fleets to move to lower-cost, domestically available natural gas, according to Westport.

Cummins Westport Inc., Westport's joint venture with Cummins Inc., manufactures and sells a range of low-emissions alternative fuel engines for commercial transportation applications such as trucks and buses.

BTIC Westport Inc., Westport's joint venture with Beijing Tianhai Industry Co. Ltd., manufactures and sells LNG fuel tanks for vehicles. Westport's joint venture with OMVL SpA, Juniper Engines Inc., offers light-duty LPG and natural gas engine solutions for industrial applications such as forklifts.

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