The company in question is Westport Innovations (WPRT), which evolved from a combustion research project at the University of British Columbia in the mid 1990s. It's since grown into the largest original equipment manufacturer (OEM) of natural gas engines in the world.

Due to a joint venture with Cummins Inc. (CMI), Westport is currently responsible for putting over 16,000 alternative fuel engines in service worldwide. As the maker of a high-pressure direct injection system, Westport’s technology is preferred by companies contracted to implement clean air solutions, as indicated by its recent contract for the Port of Oakland.

In the most recent quarter, Westport saw revenue jump 62%, to $25.5 million. The company is not yet profitable, however, and therefore is tough to value based on any sort of EPS metric. Furthermore, the company enacted a 3.5:1 reverse split before its NASDAQ IPO and listing.

Make no mistake: This company is highly speculative, in a relatively unproven industry. But with shares up a little over 20% for the year -- as compared with Fuel Systems, for example, which has increased 287% -- this one has quite a ways to run.

Last -- but certainly not least -- investors should understand a few key elements in play here, the first being T. Boone Pickens and his 10% investment in Westport - in addition to the one million Clean Energy Shares owned by Westport itself.

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