03:43 PM EDT, 03/11/2024 (MT Newswires) -- Westport Fuel Systems ( WPRT ) was 19% higher Monday after reporting that Volvo Group will invest $28 million in exchange for a 45% stake in a new joint venture expecting to commercialize Westport's HPDI fuel-system technology.

The HPDI fuel system allows diesel internal combustion engines to run on biogas, natural gas, hydrogen and other fuels as well.

Under the terms of the partnership, Westport will contribute selected HPDI assets and intellectual property to the joint venture, which is expected to become operational later this year, subject to closing conditions.

Volvo also has committed to invest additional $45 million in the partnership based on its performance.

Price: 6.60, Change: +1.06, Percent Change: +19.13