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Volvo Group and Westport Sign Letter of Intent to Establish Joint Venture to Reduce CO2 Emissions from Long-Haul Transport
Volvo Group and Westport Sign Letter of Intent to Establish Joint Venture to Reduce CO2 Emissions...
About this update from Westport Fuel Systems, Inc.
[{"type":"text","content":"\n \n \n \n Volvo Group and Westport Sign Letter of Intent to Establish Joint Venture to Reduce CO2 Emissions from Long-Haul Transport\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Utilizing HPDI Technology to Accelerate the Decarbonization Efforts of Global OEM Customers\n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n July 19, 2023\n \n \n /CNW/ - Volvo\n \n Group\n \n (VOLVb.ST) and Westport Fuel Systems Inc. (TSX: WPRT) (NASDAQ: WPRT), a leading supplier of advanced alternative fuel delivery systems and components for the global transportation industry, have signed a non-binding letter of intent to establish a joint venture to accelerate the commercialization and global adoption of\n \n Westport's\n \n HPDI™ fuel system technology for long-haul and off-road applications. Volvo and\n \n Westport\n \n share the vision of creating sustainable transport solutions to accelerate the decarbonization efforts of global trucking, engine, and equipment manufacturers for their customers and society.\n \n \n \n \n \n \n \n \n \n \n Westport's\n \n HPDI fuel system is a high-performance solution supporting significant carbon reductions in hard to abate sectors like heavy-duty and off-road mobility.  HPDI enables the world's trucking and off-road equipment manufacturers to address the challenges of meeting the regulatory requirements of\n \n Euro 7\n \n and the US EPA while offering end users affordable options that are powered by carbon neutral fuels like biogas, zero carbon fuels like green hydrogen and other renewable fuels. While Volvo will be a key customer of the joint venture, the joint venture's mandate will be to enhance commercialization of HPDI through the addition of new trucking and equipment manufacturers as customers.\n \n \n \n Westport\n \n will contribute current HPDI assets and activities including related fixed assets, intellectual property, and business into the joint venture. Volvo will acquire a 45% interest in the joint venture for the sum of approximately\n \n U...