Westport Innovations Trading Up 21% After Caterpillar Deal
Shares of Westport Innovations (NASDAQ: WPRT), a developer of natural gas engines, have jumped during Tuesday's trading session after the company announced an agreement with Caterpillar (NYSE: CAT) to fuel systems for off-road vehicles. According to Bloomberg, the deal will initially focus on development of natural-gas engines used in mining trucks and locomotives and the possible use of Westport's High Pressure Direct Injection technology.
“The substantial price difference between natural gas and diesel fuel is resulting in a strong financial incentive to enable off-road applications to take advantage of low natural gas energy costs without sacrificing operational performance,” Westport said in the statement. At last check, WPRT shares were trading near session highs, up 21% to $26.90.
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