But investors in these two companies got a much-needed bit of relief today, as both Westport and Clean Energy Fuels soared higher. Westport cruised 12% higher, while Clean Energy Fuels spiked 9% for the day. The biggest piece of favorable news is Volvo's recent announcement that it will introduce trucks with Westport's 13-liter natural gas engines. Volvo could be one of Westport's biggest supporters right now. The company uses the ISX12 engine produced from the joint venture between Westport and Cummins
It's not just Volvo, either. Westport has key relationships in place with rebounding automaker Ford
As for Clean Energy Fuels, I didn't see any particular news that should have sent shares higher today and expect that the investor enthusiasm surrounding the stock has more to do with Westport's rise, as both companies are often mentioned in the same breath. Taking a step back, I like what the company is doing by biting off smaller market segments like trucking before tackling the broader transportation sector. Its relationship with Navistar is perhaps the best example. Like Westport, relationships like this are vital to long-term viability. Fortunately for investors, Clean Energy recognizes this and is executing accordingly.
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Austin Smith owns none of the stocks mentioned here. The Motley Fool owns shares of Westport Innovations and Ford. Motley Fool newsletter services have recommended buying shares of Westport Innovations, Ford, Clean Energy Fuels, and Cummins and creating a synthetic long position in Ford. The Motley Fool has a disclosure policy. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.