Natural Gas Vehicle Market on the Rise as Coalition of 22 U.S. Governors Willing to Purchase CNG Vehicles

NEW YORK, NY--(Marketwire - Nov 1, 2012) - America's focus on lowering its dependence on foreign oil has caused a spike in demand in the natural gas vehicle (NGV) market. The U.S. Energy Information Administration and the Potential Gas Committee has estimated that the U.S. holds a minimum of 100 years' worth of proven natural gas reserves. Five Star Equities examines the outlook for companies in the Alternative Auto Parts Industry and provides equity research on Westport Innovations Inc. ( NASDAQ : WPRT ) ( TSX : WPT ) and Fuel Systems Solutions, Inc. ( NASDAQ : FSYS ).

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A coalition of 22 U.S. governors, led by Oklahoma Governor Mary Fallin and Colorado Governor John Hickenlooper, has stated that their states would be willing to purchase up to 10,000 new compressed natural gas (CNG) cars and pickups a year. By providing a market for CNG vehicles it has given auto manufacturers an incentive to lower costs of NGVs, which currently run roughly $10,000 more than their gasoline counterparts.

"The initiative has been enormously successful," Governor Fallin said. "We asked auto manufacturers to develop products that were more affordable and functional. With the combined purchasing power of our 22 states, we successfully provided the incentive to do so. States will now have the incentive and ability to begin converting their fleets to CNG while saving millions of dollars in taxpayer money."

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Westport Innovations recently reported that they have lowered the price of its industry-leading Westport WiNG Power System. "We are doing this to make CNG vehicles more accessible to large and small fleets as well as to individuals," said John Lapetz Westport LD VP and Managing Director. The company has also signed a deal with India's largest automobile company, Tata Motors, to develop an engine for light- and medium-duty trucks and buses.

Fuel Systems Solutions designs, manufactures and supplies proven, cost-effective alternative fuel components and systems for transportation and industrial applications. Fuel Systems' components and systems control the pressure and flow of gaseous alternative fuels, such as propane and natural gas, used in internal combustion engines.

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