Westport and Volvo Group have announced the establishment of their joint venture (JV) to advance fuel system technology for long-haul, off-road applications.
Volvo will acquire a 45% interest in the JV for approximately $28m, plus up to an additional $45m as an earn-out, whilst Westport’s CEO and Director, Dan Sceli, will lead the initiative on an interim basis.
It will operate as an independent entity, with Westport providing its HPDI (high pressure direct injection) assets and opportunities to enable zero-emission transportation.
“The successful closing of the JV represents an important milestone for Westport and a true endorsement of our HPDI technology and fuel system,” explained Sceli. “HPDI is uniquely poised to create and implement affordable solutions in hard-to-abate sectors like heavy-duty transport and off-road applications.”
... to continue reading you must be subscribed
