Vancouver's Westport Innovations Inc. announced June 5 that it is partnering with Caterpillar Inc. to develop natural gas technology for off-road equipment, including mining trucks and locomotives, which typically use diesel fuel.
Caterpillar will fund the development program. When products go to market, Westport (TSX:WPT) expects to supply key components.
"This is a significant opportunity that has the potential to transform important segments of the global off-road equipment industries," said Westport CEO David Demers.
"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."
Business in Vancouver reported June 5 that Demers sold $218,440 worth of shares on April 9: 6,080 shares at prices ranging between $35.87 and $35.94 per share.
News of the partnership with Caterpillar was enough to send Westport's shares up 22%, or $5.02, to $28.17.
Caterpillar (NYSE:CAT) nudged higher 0.47%, or US$0.39 to US$83.65.
