Aetherion Technologies Inc 6-K, filed Mar 30, 2022
Aetherion Technologies Inc. (AETR)
6-K
2022-03-30
For: 2021-12-31
View Original
Added on
April 06, 2026
About this 6-K
Aetherion Technologies Inc filed this 6-K on March 30, 2022.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of March 2022
Commission File Number: 001-34152
WESTPORT FUEL SYSTEMS INC.
(Translation of registrant's name into English)
1750 West 75th Avenue, Suite 101, Vancouver, British Columbia, Canada, V6P 6G2
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
☐ Form 20-F ☒ Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
EXHIBIT INDEX
| Exhibit | Description | |||||||
* Previously filed with our Form 40-F for the fiscal year ended December 31, 2021, which was filed with the Securities and Exchange Commission on March 14, 2022.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Westport Fuel Systems Inc. | |||||||||||
| (Registrant) | |||||||||||
| Date: March 30, 2022 | By: | /s/ Richard Orazietti | |||||||||
| Richard Orazietti Chief Financial Officer | |||||||||||
Letter to Shareholders
Dear Fellow Shareholders,
Following the COVID pandemic in 2020, and global supply chain disruptions in 2021, your Company is facing the future with a much stronger foundation. Despite the global challenges we and our industry faced, 2021 was a year of strong recovery for Westport Fuel Systems. With record annual revenue, we topped our prior record in 2019, due to growth in our OEM business driven by sales of our patented and proprietary HPDI fuel systems.
We are transforming our business to meet the needs of our OEM customers around the world. The demand for our products continues to grow significantly, as global emissions standards require cleaner transportation and markets are demanding affordable transportation. Our HPDI fuel systems are successfully being integrated into Heavy Duty OEM applications in Europe and China. As the leading alternative fuel systems provider in the passenger car and commercial vehicle segments in India, we continue to serve growing opportunities in this developing market. We are seeing an increased uptick in this key emerging market as government action is dramatically expanding natural gas filling stations, while regulations for lower emissions combined with customer demand for affordable transportation have made India an important growth market for natural gas vehicles. Our products are meeting the demand in countries across Europe, Africa and Asia. Our OEM sales now represent nearly 2/3 of our business, up from 50% before the pandemic.
In May 2021, we were pleased to add Stako to our growing global organization. Integrating their fantastic team members and product portfolio to Westport Fuel Systems continues our journey to supply completely integrated fuel systems. Stako is the world leader in LPG fuel storage for the OEM market as well as serving aftermarket and off-road applications.
At the end of 2021, we successfully concluded our joint venture with Cummins. We now look forward to working with them to conduct an initial technical assessment of our H2 HPDI™ technology for potential use in Cummins’ hydrogen applications.
Our balance sheet today is stronger than it’s been since before the 2016 merger of Westport Innovations and Fuel Systems Solutions. Despite the challenges our industry currently faces, the need for clean, affordable transportation continues to be more important than ever. Decision-makers are not waiting for the next technological breakthrough or moonshot idea to make their next move. They are acting now, using our cost-competitive products to reduce their carbon profiles. Our proven track record speaks to the commercial viability of our technology. Westport Fuel Systems, now organized as one global company, is focused on meeting these needs and fulfilling our purpose: Delivering transportation technologies, products and services that are clean and affordable.
We are thrilled to have demonstrated in 2021 that our HPDI technology works brilliantly with zero-carbon hydrogen and enables the most affordable way to use green hydrogen in long haul, heavy-duty transportation applications, and other important high load applications like rail and mining. We believe we have a disruptive, game-changing technology using the internal combustion engine with hydrogen fuel and our HPDI fuel systems. I look forward to updating our shareholders in 2022 as we continue to make further development and commercialization progress.
I want to thank our Board of Directors for their continued guidance and support. And also, I thank my Executive Leadership Team, who together represents a robust set of impressive skills and experience, for their demonstrated endurance and resiliency through the many challenges we face. I’m grateful for their commitment to excellence in the pursuit of our objectives.
The future for your Company remains a strong one. This is our decade.
Sincerely,
David M. Johnson CEO
Information for Shareholders
Our Leadership
| Board of Directors | Named Executive Officers | ||||||||||
DANIEL HANCOCK Chair of the Board of Directors and of the HRC Committee, and member of the NCG and TPS Committee Board Member since July 2017 | PHILIP HODGE Member of the Audit Committee Board Member since January 2022 | DAVID JOHNSON Chief Executive Officer | |||||||||
MICHELE BUCHIGNANI Chair of the NCG Committee Member of the HRC Committee Board Member since March 2018 | DAVID JOHNSON Chief Executive Officer Board Member since January 2019 | RICHARD ORAZIETTI Chief Financial Officer | |||||||||
BRENDA EPRILE Chair of the Audit Committee Member of the HRC Committee Board Member since October 2013 | KARL-VIKTOR SCHALLER Chair of the TPS Committee Member of the Audit and NCG Committees Board Member since April 2020 | NICOLA COSCIANI Executive Vice President, Global Operations | |||||||||
RITA FORST Member of the Audit, HRC and TPS Committees Board Member since April 2020 | EILEEN WHEATMAN Member of the HRC Committee Board Member since April 2020 | LANCE FOLLETT Chief Legal Officer and Executive Vice President | |||||||||
ANTHONY GUGLIELMIN Member of the Audit, HRC and TPS Committees Board Member since January 2021 | BART VAN AERLE Vice President, Product and Business Strategy | ||||||||||
Information for Shareholders
Corporate Information
Contact Details
1750 West 75th Avenue, Suite 101
Vancouver, BC, Canada V6P 6G2
T 604-718-2000 F 604-718-2001
invest@wfsinc.com | www.wfsinc.com
Shareholders and other interested parties can also sign up to receive news updates, stock quotes, events and presentations by email at: investors.wfsinc.com/resources/investor-email-alerts
Legal Counsel
Bennett Jones LLP, Calgary, Alberta, Canada
Auditors
KPMG LLP, Independent Registered Public Accounting Firm, Vancouver, British Columbia, Canada
Shares Listed
Toronto Stock Exchange - WPRT
NASDAQ Global Select Market - WPRT
Transfer Agent
Shareholders with questions about their account-including change of address, lost stock certificates, or receipt of multiple mail-outs and other related inquiries-should contact our Transfer Agent and Registrar:
Computershare Trust Company of Canada
510 Burrard Street, 2nd Floor,
Vancouver, BC, Canada V6C 3B9
T 604-661-9400 F 604-661-9401
Annual General and Special Meeting
The Annual General and Special Meeting will be held via live online audio webcast on Thursday May 5, 2022 at 10:00 a.m. (Pacific Time). For more information on how to attend and vote online, please refer to the Information Circular dated March 14, 2022.
Annual Information Form (AIF)
The company's AIF can be found online at www.sedar.com.