05:15 PM EDT, 06/03/2024 (MT Newswires) -- Westport Fuel Systems ( WPRT ) after trade Monday said it closed and launched a joint venture transaction with Volvo Group.

According to a statement, the joint venture is "committed to accelerating the commercialization and global adoption" of Westport's HPDI fuel system technology for long-haul and off-road applications.

The joint venture will be led, on an interim basis, by Dan Sceli, Westport's chief executive, while Scott Baker will take on the role of vice president, product development and technology and Anders Johansson will be vice president and commercial officer. The joint venture will be headquartered in Vancouver.

Westport shares rose $0.18 to $7.54 on the Toronto Stock Exchange.