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Westport acquires BAF from Clean Energy

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  • Westport acquires BAF from Clean Energy

    Westport Innovations Inc. (TSX:WPT / NASDAQ:WPRT), the global leader in natural gas engines, today announced that it has acquired BAF Technologies, Inc. (BAF) and its subsidiary, ServoTech Engineering, Inc. (ServoTech), subsidiaries of Clean Energy Fuels Corp. (NASDAQ:CLNE) for $25 million in Westport stock. Westport and Clean Energy also announced a $5 million joint marketing and sales program.

    As I recall, Clean Energy acquired BAF in 2009 (2010?) for about $6 million, so not a bad return for CLNE, assuming the business was profitable. I am unsure what the Servotech acquisition cost, but anyway today's announcement is a big plus from my perspective for the NGV industry. Clean Energy can focus on stations while Westport keeps its new Kentucky upfit facility busy.

  • #2
    Re: Westport acquires BAF from Clean Energy

    I agree that this is a good move for the industry. As for each company, the market sees the most benefit going to WPRT. Over the last 3 days (I'd be willing to bet some news leaked before this press release) WPRT is up more than 10% with a lot of shares traded. The price has moved into a whole new range.

    CLNE on the other hand is only up a nickle on today's news and is still stuck in its range.
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    • #3
      Re: Westport acquires BAF from Clean Energy

      This looks like a good move for both entities and for the NGV national market. BAF is premier in Class 1 through Class 3 vehicles, and Westport is well versed in Class 4 and above. They will be well positioned to provide for a full portfolio in conversion offerings. I would expect the BAF name to remain for at least eighteen months as the identities align their strategies and eliminate duplicities of function to explore the new economy of scale. Congratulations to them both.