WPRT - Westport Announces Signing of Investment Agreement to Establish Previously Announced Joint Venture with Volvo Group | Benzinga
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.
"We are excited to execute this agreement and build on our success with the Volvo Group and our HPDI™ technology. We are motivated to keep innovating and investing in strong business relationships with leading organizations that share our goals, of which Volvo Group is certainly one," said Dan Sceli, CEO of Westport Fuel Systems Inc. "Powered by our shared ...