Mr. Dan Sceli reports

WESTPORT ANNOUNCES SIGNING OF INVESTMENT AGREEMENT TO ESTABLISH PREVIOUSLY ANNOUNCED JOINT VENTURE WITH VOLVO GROUP

Westport Fuel Systems Inc. has signed an investment agreement to establish the previously announced joint venture with Volvo Group to accelerate the commercialization and global adoption of Westport's HPDI fuel system technology for long-haul and off-road applications. The closing of the JV is subject to certain closing conditions, including regulatory and government approvals. It is anticipated that the JV will become operational following the formal closing which is currently expected to occur in the second quarter of 2024.

"We are excited to execute this agreement and build on our success with the Volvo Group and our HPDI technology. We are motivated to keep innovating and investing in strong business relationships with leading organizations that share our goals, of which Volvo Group is certainly one," said Dan Sceli, chief executive officer of Westport Fuel Systems. "Powered by our shared vision for a cleaner tomorrow, we look forward to further collaboration and providing real solutions to decarbonize the long-haul and off-road transport sectors," added Mr. Sceli.

As previously announced, Westport will contribute certain HPDI assets and opportunities, including related fixed assets, intellectual property and business, into the JV. Volvo Group will acquire a 45-per-cent interest in the JV for the sum of approximately $28-million (U.S.), payable upon closing, plus up to an additional $45-million (U.S.) as an earnout depending on the subsequent performance of the JV.

About Westport Fuel Systems Inc.

Westport is driving innovation to power a cleaner tomorrow. It is a leading supplier of advanced fuel delivery components and systems for clean, low-carbon fuels such as natural gas, renewable natural gas, propane and hydrogen to the global transportation industry. Westport's technology delivers the performance and fuel efficiency required by transportation applications and the environmental benefits that address climate change and urban air quality challenges. Headquartered in Vancouver, Canada, with operations in Europe, Asia, North America and South America, Westport serves its customers in more than 70 countries with leading global transportation brands.

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