Westport Innovations (NASDAQ:WPRT), one of the strongest green stocks for several months now, is breaking out to an all-time high after the company announced that it has engaged in a co-marketing deal with Shell (NYSE:RDS.A) for the advancement of LNG fuel and technologies across North America. The companies plan to consolidate fuel supply, customer support and maintenance into one user-friendly package to make operating LNG vehicles more efficient and economical. The collaboration also calls for developing industry standards for LNG fuel. It’s big news for the LNG industry, which could use a major component to diminishing the need for imported oil. A couple months ago, WPRT announced a deal with GM, so WPRT's clearly establishing WPRT as a major player in the industry. It will be interesting to see how Boone Pickens fits into this with his company, Clean Energy Fuels (NASDAQ:CLNE).
"Westport and Shell share an unfailing commitment to innovation, and we believe this co-marketing program is a unique example of using commercial innovation to reshape the value proposition of a new technology to its customers,” said David Demers, CEO of Westport Innovations Inc. “As a result of this initiative, we believe the use of natural gas as a fuel for transportation will accelerate. The North American launch is an important first step with Shell and we look forward to the continued proliferation of our advanced technology products and integration services.”
Shares of WPRT have surged on the news and are up again today, reaching previously mentioned all-time highs with good volume. Other LNG fuel stocks such as Clean Energy Fuels and Fuel Systems Solutions (NASDAQ:FSYS) are also moving up on the news.