Westport Fuel Systems (US) (TSE:WPRT) has released an update.
Westport Fuel Systems has signed an investment agreement with Volvo Group to form a joint venture aimed at advancing the global adoption of Westport’s innovative HPDI fuel system technology for long-haul and off-road vehicles. This strategic partnership, set to become operational in the second quarter of 2024 pending regulatory approvals, represents a significant step towards decarbonizing the transport sectors and underscores both companies’ commitment to a cleaner future. The deal includes a $28 million investment from Volvo Group for a 45% stake, with the potential for an additional $45 million based on the joint venture’s performance.
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