Volvo, Westport Fuel Systems Partner to Cut Long-Haul Emissions
By Dominic Chopping
STOCKHOLM--Volvo will establish a joint venture with Westport Fuel Systems to accelerate the commercialization and global adoption of Westport's fuel system technology to help reduce carbon dioxide emissions from long haul transport.
The Swedish truck maker said Westport's high-pressure direct-injection fuel system technology can be applied in vehicles with internal combustion engines to replace greenhouse gas-emitting fuels, like diesel, with carbon-neutral or zero-carbon fuels like biogas or hydrogen.
The agreement signed today is according to an announced letter of intent with Westport contributing high-pressure direct-injection assets and opportunities, including related fixed assets, intellectual property, and business to the joint venture.
Volvo Group will acquire a 45% interest in the joint venture for around $28 million payable upon closing, plus up to an additional $45 million depending on the performance of the venture.
The joint venture is expected to become operational following the formal closing, expected in the second quarter of 2024.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
March 11, 2024 08:11 ET (12:11 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Q4 Stock Market Outlook: Where We See Opportunities for Investors
-
Markets Brief: Non-Farm Payrolls in the Spotlight Again
-
6 Top-Performing Large-Growth Funds
-
What’s the Difference Between the CPI and PCE Indexes?
-
10 Top-Performing Dividend Stocks of Q3 2024
-
33 Undervalued Stocks
-
Communication Services: Cable’s Broadband Dominance Isn’t as Strong as It Once Was
-
Technology: Strength Continues, With Software Presenting the Best Buying Opportunities
-
Best- and Worst-Performing Stocks of Q3 2024
-
Top Stocks to Own From the Best Fund Managers
-
2 Cheap Stocks Top Managers Have Been Buying
-
The 10 Best Companies to Invest in Now