On March 11, 2024, Volvo Group and Westport Fuel Systems Inc. finalized their joint venture, aiming to accelerate the commercialization of Westport's HPDI™ fuel system technology for long-haul and off-road applications. The joint venture, headquartered in Vancouver, Canada, will be led by Dan Sceli as interim CEO, Scott Baker as VP of Product Development and Technology Officer, and Anders Johansson as VP and Commercial Officer. Volvo acquired a 45% stake in the venture for approximately $37.52 million (US$28 million), with an additional earn-out potential of $60.3 million (US$45 million) based on performance, bringing the total transaction value to $97.82 million (US$73 million).

Westport contributed HPDI™ assets, intellectual property, and business activities to the joint venture. This collaboration underscores a shared commitment to sustainability and the decarbonization of transportation, leveraging the HPDI system for use with renewable fuels and future hydrogen applications. The venture's board includes Andrea Fuder (Volvo), Dan Hancock (Westport), Dan Sceli (Westport), Karl Viktor Schaller (Westport), Lars Stenqvist (Volvo), and Jan Ytterberg (Volvo).