Cummins Inc. (NYSE: CMI) and Westport Fuel Systems Inc. have agreed to a share purchase agreement for the sale of Westport’s stake in the Cummins Westport Joint Venture with CMI continuing to operate the business as the sole owner. As previously reported, the Cummins Westport Inc. joint venture agreement terminated effective Dec. 31, 2021.
As part of the agreement, Cummins also will buy Westport’s interest in the JV’s intellectual property, developed by the JV in support of the JV’s spark ignited engines, with proceeds to Westport of US$20,000,000.
Cummins and Westport have also agreed to conduct an initial technical assessment of Westport’s hydrogen high pressure direct injection system (“H2 HPDI™”) for potential use on CMI’s hydrogen applications.
