Westport Fuel Systems ( (TSE:WPRT) ) has issued an announcement.
Westport Fuel Systems reported its financial results for the fourth quarter and full year 2024, highlighting a transformative year with improvements in key metrics and strategic realignments. The company achieved a net cash increase of $7.2 million from operating activities, a significant improvement from the previous year. A notable development was the launch of Cespira, a joint venture with Volvo Group, aimed at accelerating the commercialization of HPDI technology. Westport also announced a proposed divestiture of its Light-Duty business to focus on high-growth areas like heavy-duty trucking. Despite a net loss of $21.8 million for 2024, the company reduced its losses compared to 2023, driven by improved margins and operational efficiencies. The announcement underscores Westport’s commitment to advancing sustainable transport solutions and its strategic focus on scalable alternative fuel systems.
More about Westport Fuel Systems
Westport Fuel Systems Inc. operates in the clean transportation technology industry, focusing on the development of alternative fuel systems and components. The company is known for its High Pressure Direct Injection (HPDI) technology and collaborates with major players like Volvo Group to advance carbon-neutral fuels such as hydrogen and renewable natural gas. Westport’s market focus includes heavy-duty and long-haul transport sectors, aiming to provide cost-effective and sustainable solutions for decarbonization.
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