Volvo Group and Westport Celebrate Transformative Partnership

| July 9, 2024

Highlights Joint Venture’s Role in Global Adoption of HPDI™ Fuel System, Advancing Commercial Transportation to Smarter, Cleaner Power with IC Engines

Volvo Group (“Volvo”) and Westport Fuel Systems Inc. marked a defining
moment in the journey of the newly formed joint venture (JV) as the two companies celebrated
the official launch of their partnership with an exclusive event at the University of British
Columbia, the birthplace of Westport’s HPDI™ fuel system technology.
Nurtured for nearly 30 years within Westport, the two partners are coming together to jointly
promote, develop and further accelerate the commercialization of the HPDI technology. In
doing so, the JV will resolutely focus on moving forward affordable, sustainable transportation
solutions using the internal combustion engine operating on renewable fuels now and
hydrogen in the future.

“This joint venture is poised to make a significant impact on global long-haul and off-road
heavy-duty applications,” said Dan Sceli, Chief Executive Officer and Director of Westport Fuel
Systems, and interim President of the Volvo/Westport JV. “By combining Volvo’s extensive
expertise in commercial vehicle and power system manufacturing with Westport’s innovative
fuel system technology, we are creating a powerful force for change that can make a
meaningful contribution to reduce carbon emissions immediately and affordably. Together we
are committed to delivering sustainable, efficient, and economically viable solutions for longhaul transportation.”
Partnership is the New Leadership
Leaders from both companies joined-in on the celebration of this milestone, emphasizing the
significance of the partnership in driving forward HPDI’s breakthrough technology in tackling
the urgent challenges of climate change.
“Today is a day of celebration as we join together to collectively advance this critically
important clean transportation initiative,” said Lars Stenqvist, Chief Technology Officer of Volvo
Group. “We believe HPDI-powered internal combustion engines, running on hydrogen and

renewable fuels, play a crucial role in global decarbonization efforts in commercial
transportation. The joint venture enables us to combine this innovative fuel system with our
strategic expertise to guide OEMs and fleets as they navigate the energy transition.”
“This is a momentous occasion for Westport and the HPDI technology. The alliance between
our two companies affirms our steadfast commitment to drive decarbonization in the heavyduty sector utilizing alternative fuels while still providing the efficiency, power and durability
that comes with diesel cycle engines,” said Scott Baker, Vice President, Product Development
and Technology Officer of the Volvo/Westport JV.
Baker continued, “Together, we will provide unparalleled expertise and counsel to customers
around the globe on optimizing their existing CO2 reduction strategies, ultimately paving the
way for a more sustainable future in heavy-duty transportation.”
Collaboration with transportation partners and end-users has led to the deployment of the
HPDI system in thousands of Volvo trucks across Europe, underscoring its effectiveness in
achieving carbon neutrality. Since the commercial release of HPDI in 2018, fleets have
collectively avoided hundreds of thousands of tons of CO2 emissions annually. This success
demonstrates the immediate impact of integrating hydrogen and biogas technologies into
existing infrastructure.

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