DEERFIELD, Ill., May 5, 2022
/PRNewswire/ -- Caterpillar Inc. (NYSE: CAT) has acquired Tangent
Energy Solutions, a U.S.-based energy-as-a-service (EaaS) company.
Headquartered in Kennett Square,
Pennsylvania, Tangent Energy provides customers with turnkey
solutions for reducing energy costs, increasing energy efficiency,
reducing emissions, monetizing electric grid support and providing
resiliency for customer operations.
"Tangent Energy has developed a suite of intelligent energy
solutions that leverages advanced analytics to provide value to
customers," said Jason Kaiser, vice
president of Caterpillar Electric Power. "Tangent's EaaS offerings
complement Caterpillar's broad portfolio of electric power
products, enabling us to better serve customers for reliable,
efficient, sustainable and connected power solutions that support
business operations while generating new revenue streams."
Tangent Energy's proprietary software solutions monitor patterns
from grid and client facilities, analyze opportunities in energy
markets, and then dispatch resources to maximize return without
disrupting normal business operations.
"Caterpillar is at the forefront of the industry in delivering
robust and efficient power solutions supported by advanced digital
offerings," said Dean Musser,
president and chief executive officer of Tangent Energy
Solutions. "Customers select Cat® power solutions for the
long-term return on investment, and we look forward to working
together to help deliver additional value through the compelling
combination of our cutting-edge technologies with the customer
relationships established by Caterpillar and the Cat dealer
network."
Tangent Energy Solutions will continue to offer services under
the Tangent Energy brand and operate under Caterpillar's Electric
Power Division.
About Caterpillar
With 2021 sales and revenues
of $51.0 billion, Caterpillar Inc. is
the world's leading manufacturer of construction and mining
equipment, off-highway diesel and natural gas engines, industrial
gas turbines and diesel-electric locomotives. For nearly 100 years,
we've been helping customers build a better, more sustainable world
and are committed and contributing to a reduced-carbon future. Our
innovative products and services, backed by our global dealer
network, provide exceptional value that helps customers succeed.
Caterpillar does business on every continent, principally operating
through three primary segments – Construction Industries, Resource
Industries and Energy & Transportation – and providing
financing and related services through our Financial Products
segment. Visit us at caterpillar.com or join the
conversation on our social media channels.
Forward-Looking Statements
Certain statements in
this press release relate to future events and expectations and are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Words such as "believe,"
"estimate," "will be," "will," "would," "expect," "anticipate,"
"plan," "forecast," "target," "guide," "project," "intend,"
"could," "should" or other similar words or expressions often
identify forward-looking statements. All statements other than
statements of historical fact are forward-looking statements,
including, without limitation, statements regarding our outlook,
projections, forecasts or trend descriptions. These statements do
not guarantee future performance and speak only as of the date they
are made, and we do not undertake to update our forward-looking
statements.
Caterpillar's actual results may differ
materially from those described or implied in our forward-looking
statements based on a number of factors, including, but not limited
to: (i) global and regional economic conditions and
economic conditions in the industries we serve; (ii) commodity
price changes, material price increases, fluctuations in demand for
our products or significant shortages of material; (iii) government
monetary or fiscal policies; (iv) political and
economic risks, commercial instability and events beyond our
control in the countries in which we operate; (v)
international trade policies and their impact on demand for our
products and our competitive position, including the imposition of
new tariffs or changes in existing tariff rates; (vi)
our ability to develop, produce and market quality products that
meet our customers' needs; (vii) the impact of the highly
competitive environment in which we operate on our sales and
pricing; (viii) information technology security threats and
computer crime; (ix) inventory management decisions and
sourcing practices of our dealers and our OEM customers;
(x) a failure to realize, or a delay in realizing, all
of the anticipated benefits of our acquisitions, joint ventures or
divestitures; (xi) union disputes or other employee
relations issues; (xii) adverse effects of unexpected
events; (xiii) disruptions or volatility in global
financial markets limiting our sources of liquidity or the
liquidity of our customers, dealers and suppliers;
(xiv) failure to maintain our credit ratings and
potential resulting increases to our cost of borrowing and adverse
effects on our cost of funds, liquidity, competitive position and
access to capital markets; (xv) our Financial Products
segment's risks associated with the financial services industry;
(xvi) changes in interest rates or market liquidity
conditions; (xvii) an increase in delinquencies,
repossessions or net losses of Cat Financial's customers;
(xviii) currency fluctuations; (xix) our
or Cat Financial's compliance with financial and other restrictive
covenants in debt agreements; (xx) increased pension
plan funding obligations; (xxi) alleged or actual
violations of trade or anti-corruption laws and regulations;
(xxii) additional tax expense or exposure, including
the impact of U.S. tax reform; (xxiii) significant
legal proceedings, claims, lawsuits or government investigations;
(xxiv) new regulations or changes in financial
services regulations; (xxv) compliance with
environmental laws and regulations; (xxvi) the
duration and geographic spread of, business disruptions caused by,
and the overall global economic impact of, the COVID-19 pandemic;
and (xxvii) other factors described in more detail in
Caterpillar's Forms 10-Q, 10-K and other filings with the
Securities and Exchange Commission.
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SOURCE Caterpillar Inc.