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.-
5 Undervalued Stocks to Buy to Play a Little Defense
-
Markets Brief: AI Leaders Excel In Earnings Season So Far
-
What History Tells Us About the Fed’s Next Move
-
What’s Happening In the Markets This Week
-
Alphabet’s New Dividend: What Investors Need to Know
-
Going Into Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
Going Into Earnings, Is Eli Lilly Stock a Buy, a Sell, or Fairly Valued?
-
What’s the Difference Between the CPI and PCE Indexes?
-
After Earnings, Is Tesla Stock a Buy, a Sell, or Fairly Valued?
-
After Earnings, Is GE Aerospace Stock a Buy, a Sell, or Fairly Valued?
-
3 Good Stocks to Buy with Your Tax Refund in 2024 (Or with Any Extra Money)
-
SoFi Earnings: Revenue Growth Slows on Lower Loan Growth and Higher Credit Costs
-
Tesla: Full Self-Driving Approval In China Supports Our View for Deliveries Growth In 2024
-
Philips Earnings: Firm Reaches $1.1 Billion Settlement Agreement
-
AbbVie Earnings: Next-Generation Immunology Drugs Help Offset Humira Biosimilar Pressure
-
Exxon Earnings: Ignore Earnings Shortfall as Long-Term Growth and Improvement on Track