Amazaon Truck Engine news Westport Fuel Systems (WPRT) - Get Report shares soared on Monday after the company agreed to supply natural-gas truck engines to online-retail titan Amazon.com’s (AMZN) - Get Report U.S. truck delivery fleet.
Shares of the Vancouver company at last check were surging 41% to $12.22.
Amazon has ordered more than 1,000 engines from a joint venture between Westport Fuel and Cummins (CMI) - Get Report, a natural gas engine parts maker, Reuters reported.
The engines will power the Seattle e-commerce giant's vehicles operating between warehouses and distribution centers.
“Amazon is excited about introducing new sustainable solutions for freight transportation and is working on testing a number of new vehicle types including electric, [compressed natural gas] and others,” the retail giant told Reuters in a statement.
Amazon is looking to have net-zero carbon emissions across the whole company by 2040 and aims to have half of all shipments be net zero by 2030.
The company has ordered more than 700 compressed-natural-gas class 6 and class 8 trucks so far, according to Reuters.
Craig-Hallum Capital Group analyst Eric Stine reiterated his buy rating on the Westport Fuel Systems and more than doubled his price target, to a Wall-Street-high view of $24 from $12, according to the Fly.