UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
6-K
REPORT OF FOREIGN PRIVATE
ISSUER PURSUANT
TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For the month of July 2023
Commission File Number: 001-34152
Westport
Fuel Systems Inc.
(Translation of registrant's name into English)
1691 West 75th Avenue, Vancouver,
British Columbia, Canada, V6P 6P2
(Address of principal executive office)
Indicate by check mark whether the registrant files
or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☐ Form 40-F ☒
On July 19, 2023, the Registrant issued a press
release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Exhibit
99.1 - Press release dated July 19, 2023
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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Westport Fuel Systems Inc. |
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(Registrant) |
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Date: July 19, 2023 |
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/s/ William Larkin |
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William Larkin |
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Chief Financial Officer |
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Exhibit 99.1
Volvo Group and Westport Sign Letter of Intent
to Establish Joint Venture to Reduce CO2 Emissions from Long-Haul Transport
Utilizing HPDI Technology to
Accelerate the Decarbonization Efforts of Global OEM Customers
VANCOUVER, BC, July 19, 2023 /CNW/ - Volvo Group (VOLVb.ST)
and Westport Fuel Systems Inc. (TSX: WPRT) (NASDAQ: WPRT), a leading supplier of advanced alternative fuel delivery systems and components
for the global transportation industry, have signed a non-binding letter of intent to establish a joint venture to accelerate the
commercialization and global adoption of Westport's HPDI™ fuel system technology for long-haul and off-road applications. Volvo
and Westport share the vision of creating sustainable transport solutions to accelerate the decarbonization efforts of global trucking,
engine, and equipment manufacturers for their customers and society.
Volvo FH gas powered truck equipped with a Westport
LNG HPDI™ fuel system (CNW Group/Westport Fuel Systems Inc.)
Westport's HPDI fuel system is a high-performance
solution supporting significant carbon reductions in hard to abate sectors like heavy-duty and off-road mobility. HPDI enables the
world's trucking and off-road equipment manufacturers to address the challenges of meeting the regulatory requirements of Euro 7 and the
US EPA while offering end users affordable options that are powered by carbon neutral fuels like biogas, zero carbon fuels like green
hydrogen and other renewable fuels. While Volvo will be a key customer of the joint venture, the joint venture's mandate will be to enhance
commercialization of HPDI through the addition of new trucking and equipment manufacturers as customers.
Westport will contribute current HPDI assets and activities
including related fixed assets, intellectual property, and business into the joint venture. Volvo will acquire a 45% interest in the joint
venture for the sum of approximately US$28 million (approximately SEK 300 million) plus up to an additional US$45 million (approximately
SEK 500 million) depending on the performance of the joint venture.
Volvo's ambition is to reach net-zero greenhouse gas
emission-enabled products, solutions, and services by 2040. Volvo believes that the future will demand diverse propulsion solutions
for diverse applications to meet customers' needs and environmental demands. Volvo advocates for a three-pronged approach: battery-electric,
fuel-cell electric and internal combustion engines.
"Decarbonization with internal combustion engines
running on renewable fuels, especially with HPDI, plays an important part in sustainable solutions. HPDI has been on the road in Volvo
trucks for over five years and is a proven technology that allows customers to significantly reduce CO2 emissions in LBG (Liquefied
Biogas) applications here and now and is a potential avenue for hydrogen," said Lars Stenqvist, Chief Technology Officer of Volvo.
"Westport is advancing fuel system solutions
to help our customers affordably address the most pressing challenge of carbon reduction, while continuing to utilize existing manufacturing
infrastructure," said David Johnson, Chief Executive Officer, Westport. "The joint venture with Volvo is a natural extension
of both companies' commitment to accelerating global carbon reduction and we are proud to partner with such a bold supporter of the future
of the internal combustion engine. Combining our expertise strengthens HPDI's position in the market and underscores Westport's commitment
to developing affordable fuel system technology that supports significant CO2 reductions in hard to abate sectors like heavy-duty
transport and off-road applications, including a pathway to power equipment with zero carbon fuels like hydrogen."
Completion of the joint venture is conditional on
the successful negotiations and execution of a definitive investment agreement, joint venture agreement, supply agreement and development
agreement. The joint venture is expected to launch in the first half of 2024.
About HPDI
HPDI is the most cost-effective way to reduce CO2 in
long-haul trucking and other high-load and off-road applications. Westport's HPDI fuel system is a complete system offering OEMs the flexibility
to differentiate their biogas, natural gas, hydrogen, and other fuel product lines easily while also maintaining maximum commonality with
their conventional diesel fueled products. The greenhouse gas emitting fuels like diesel can be replaced with carbon neutral or zero carbon
fuels like biogas or hydrogen while maintaining the durability, affordability, efficiency, and performance characteristics that have come
to be associated with the diesel engine. The HPDI fuel system consists of a fully integrated "tank to tip" solution, based on
diesel technology. At the heart of the engine is a revolutionary patented injector with a dual concentric needle design. A small amount
of pilot fuel (which can be diesel fuel or a biodiesel renewable fuel) is injected into the cylinder prior to the gas, to initiate the
ignition.
Engines can achieve higher horsepower and torque by
using direct injection and relying on high pressures in the combustion chamber for ignition. Thus, the characteristic of the engine using
an HPDI fuel system is very similar to a diesel engine. Designed for heavy long-haul and distribution operations as well as off-road applications
like mining, rail and marine, HPDI fuel systems offers an alternative with low climate impact while meeting the highest industry standards
for performance, fuel efficiency and operating range required for heavy-duty transport. A truck equipped with the HPDI system is an ideal
solution for fleets wanting to reduce their fuel costs and offer decarbonized regional and long-distance road transport solutions to their
customers with no compromise on vehicle performance. For additional information please visit our HPDI website at https://wfsinc.com/technology/hpdi.
About Westport
At Westport, we are driving innovation to power a
cleaner tomorrow. We are 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. Our 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, we serve our customers in more
than 70 countries with leading global transportation brands. At Westport, we think ahead. For more information, visit www.wfsinc.com.
Forward Looking Information
This press release contains "forward-looking
information" within the meaning of applicable securities laws ("forward looking statements"). Forward looking statements
are frequently characterized by words such as "expect", "intend", "may", "will", "potential",
"proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur.
Forward-looking statements made in this press release include statements regarding the timing and completion of the referenced joint ventures
and the definitive agreements with respect to the same. These forward-looking statements are neither promises nor guarantees but involve
known and unknown risks and uncertainties and are based on both the views of management and assumptions that may cause Westport's actual
results, levels of activity, performance or achievements to be materially different from any future results, levels of activities, performance
or achievements expressed in or implied by these forward looking statements. These risks, uncertainties and assumptions include those
related to the success and completion of the engine development program, the pricing and availability of hydrogen as a transportation
fuel, our ability to address technological challenges, the general economy, solvency, governmental policies and regulation, fluctuations
in foreign exchange rates, as well as other risk factors and assumptions that may affect our actual results, performance or achievements
or financial position that are described in Westport's continuous disclosure filings available under Westport's SEDAR profile at www.sedar.com
and under Westport's EDGAR profile at www.sec.gov. In addition, the effects and the impact of the COVID-19 outbreak, and supply
chain disruptions are difficult to predict at this time and could cause actual results to differ materially from the forward-looking statements
contained herein. Readers should not place undue reliance on any such forward-looking statements, which speak only as of the date they
were made. Westport disclaims any obligation to publicly update or revise such statements to reflect any change in its expectations or
in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results
will differ from those set forth in these forward-looking statements except as required by law.
View original content to download multimedia:https://www.prnewswire.com/news-releases/volvo-group-and-westport-sign-letter-of-intent-to-establish-joint-venture-to-reduce-co2-emissions-from-long-haul-transport-301880538.html
SOURCE Westport Fuel Systems Inc.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2023/19/c8307.html
%CIK: 0001370416
For further information: Media Relations, T: +1 947-339-8097, E:
media@wfsinc.com; Investor Relations, T: +1 604-718-2046, E: invest@wfsinc.com
CO: Westport Fuel Systems Inc.
CNW 01:25e 19-JUL-23
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