The Pickens Plan is getting one more round of formal support, well indirect support at any rate. Westport Innovations Inc. (NASDAQ: WPRT) was halted ahead of news that it and Shell, under Royal Dutch Shell plc (NYSE: RDS-A), will co-market in North America to give customers “a better economic case when purchasing and operating liquefied natural gas-powered vehicles.”
The move will consolidate key value chain components such as fuel supply, customer support and comprehensive maintenance. This is also an indirect win for Clean Energy Fuels Corporation (NASDAQ: CLNE) as it is T. Boone Pickens’ LNG fueling company for the natural gas powered trucks that he has been promoting so heavily as one tool to get off foreign oil.
Westport and shell noted that the two will use their positions in LNG production and distribution for Shell and LNGV systems and technology for Westport. The two also said that they will collaborate to develop industry standards for LNG as a new transportation fuel. This runs parallel with recent efforts announced by Chesapeake Energy Corporation (NYSE: CHK) after it started a fund aimed solely at promoting natural gas as an answer outside of foreign oil in a future U.S. energy policy.
In late morning trade, we have Clean Energy Fuels up almost 9% at $13.25. Westport was halted, but shares were up 5.5% at $24.09 before the news. Even Chesapeake is up almost 2% at $31.51 with a stronger stock market today.
JON C. OGG
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