Wednesday, June 27, 2012

Westport (Nasdaq: WPRT), GM sign second deal for natural gas engines

Westport (Nasdaq: WPRT), GM sign second deal for natural gas enginesShawshank, VA 6/27/12 (StreetBeat) -- Westport Innovations Inc (Nasdaq:WPRT), which develops natural gas-powered engines, said it signed a second deal with General Motors Co (NYSE:GM) to develop a natural gas engine technology for light-duty vehicles.

Westport earlier this month signed an agreement with Caterpillar Inc (NYSE:CAT) to develop engines that can use cheaper natural gas instead of diesel to power mining trucks and locomotives.

Natural gas, as a vehicle fuel, produces lower emissions of nitrogen oxides, particulate matter and greenhouse gases than petrol or diesel.

Westport and GM announced their first deal last June.

U.S.-listed shares of Westport rose about 6 percent to $34.40 in premarket trade on Wednesday. The stock closed at C$33.33 on Tuesday on the Toronto Stock Exchange.

GM shares closed at $19.85 on Tuesday on the New York Stock Exchange.

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