NEW YORK, NY -- (Marketwire) -- 06/07/12 -- The natural gas vehicle market in the U.S. has been gain momentum in 2012 as high gasoline prices have led to an increased focus on alternative fuels. The U.S., which accounts for less than 1 percent of world's natural gas vehicle market, is expected to see rapid growth as a result of their vast supply of natural gas. The Paragon Report examines investing opportunities in the Alternative Fuels Industry and provides equity research on Westport Innovations Inc. (NASDAQ: WPRT) (TSX: WPT) and Clean Energy Fuels Corp. (NASDAQ: CLNE).
According to the organization Natural Gas Vehicles for America there are about 120,000 natural gas vehicles (NGV) on U.S. roads and more than 14.8 million worldwide. The number of NGV fuelling stations in the U.S., roughly 1,000, is expected to increase significantly over the next 2 years. Global NGV sales are predicted to increase at a compound annual growth rate of 7.9 percent to total 19.9 million vehicles by 2016 according to Pike Research.
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Westport Innovations, a global leader in natural gas engines, has signed agreements with Caterpillar Inc. to co-develop natural gas technology for off-road equipment, including mining trucks and locomotives. Caterpillar and Westport will combine technologies and expertise, including Westport High Pressure Direct Injection (HPDI) technology and Caterpillar's industry-leading off-road engine and machine product technology, to develop the natural gas fuel system.
Clean Energy is the largest provider of natural gas fuel for transportation in North America and is a global leader in the expanding natural gas vehicle market. Gallons Delivered for the first quarter of 2012 totaled 43.7 million gallons, up 23% from 35.5 million gallons delivered in the same period a year ago. The Company defines Gallons Delivered as its compressed natural gas (CNG), liquefied natural gas (LNG), renewable natural gas (RNG) and the gallons associated with providing operations and maintenance services delivered to its customers during the period.
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