Vancouver-based Westport Innovations Inc. (TSX:WPT) announced yesterday that it has entered into an agreement with General Motors (NYSE:GM/TSX:GMM) to research and develop advanced natural gas engine technology.
Ian Scott, president of Westport’s light-duty division, said “This technology offers the promise of a cleaner, lower-cost fuel and reduced carbon footprint, while advancing the use of domestic energy. This agreement demonstrates Westport’s success as an advanced technology partner to global automotive manufacturers.
“Westport’s recent announcement regarding the planned acquisition of Emer S.p.A. of Italy is an integral part of our strategy to provide partners, such as GM, with the most advanced integrated solutions.”
Westport said it plans to add research and development facilities to develop technologies that will allow vehicles to run on natural gas.
Westport’s shares were trading up almost 11% to $23.55 at market close.
Jennifer Harrison
Twitter: JHarrisonBIV