Westport Announces Signing of Investment Agreement to Establish Previously Announced Joint Venture with Volvo Group
VANCOUVER, BC, March 11, 2024 /PRNewswire/ – Westport Fuel Systems Inc. (TSX:WPRT) (NASDAQ: WPRT) (“Westport” or the “Company”), a leading supplier of advanced alternative fuel delivery systems and components for the global transportation industry, is pleased to announce the signing of an investment agreement to establish the previously announced joint venture with Volvo Group to accelerate the commercialization and global adoption of Westport’s HPDI™ fuel system technology for long-haul and off-road applications (the “JV”). The closing of the JV is subject to certain closing conditions, including regulatory and government approvals. It is anticipated that the JV will become operational following the formal closing which is currently expected to occur in the second quarter of 2024.