Westport one fastest growing firms in NA; No. 1 in Canada

VANCOUVER — Canadian alternative fuels supplier, Westport Innovations, has been ranked No. 2 on Deloitte’s 2006 Technology Fast 500, a ranking of the 500 fastest growing technology, media, telecommunications and life sciences companies in North America.

In addition, Westport also ranked first on the Canadian Technology Fast 50, which is a ranking of the 50 fastest growing technology firms in Canada.

Westport, which co-producers a liquefied natural gas engine with diesel enginemaker Cummins, credits the significant environmental advantages of natural gas as the source of the company’s market success over the last five years.

However, says Westport CEO David Demers, with the recent sustained increase in oil prices, the economic advantage of natural gas around the world could accelerate further market success.

“Through our joint venture, Cummins Westport, more than 13,000 trucks and buses are operating on natural gas, which is the cleanest and most economical transportation fuel available today. We look forward to working with our partners and suppliers around the world to deliver this new solution to many more customers.”

“Sustaining high revenue growth over five years is an exceptional accomplishment. We commend Westport for making the commitment to technology and delivering on the promise of market longevity,” said Tony Kern, deputy managing principal of Deloitte’s Technology, Media & Telecommunications industry practice.

The Fast 500 is compiled from Deloitte’s 16 regional North American Fast 50 programs, nominations submitted directly to the Fast 500, and public company database research. Companies are selected based on percentage revenue growth from 2001 to 2005.

Entrants must own proprietary intellectual property or proprietary technology that contributes to a significant portion of the company’s operating revenues or devote a significant proportion of revenues to research and development of technology.