India, March 11 -- Swedish commercial vehicle major AB Volvo (VOLVY.PK) announced Monday that it has signed an agreement with Westport Fuel Systems Inc. (WPRT) to establish a joint venture, aiming to reduce CO2 emissions from long haul transport.
In pre-market activity on Nasdaq, Westport Fuel Systems shares were gaining around 6% to trade at $5.90.
The joint venture will accelerate the commercialization and global adoption of Westport's High Pressure Direct Injection or HPDI fuel system technology for long-haul and off-road applications.
The companies earlier had announced Letter of Intent for the formation of a JV. As previously announced, Westport will contribute certain HPDI assets and opportunities, including related fixed assets, i...