Deal will help to accelerate the development
of Caterpillar's electrified product portfolio
Texas, Jan. 6, 2023 /PRNewswire/ --
Caterpillar Inc. (NYSE:CAT) announced the company is
investing in Lithos Energy, Inc., a U.S.-based battery
technology company that produces lithium-ion battery packs.
"Caterpillar's collaboration with Lithos supports our commitment
to delivering robust electrified products and solutions for our
customers," said Joe Creed, group
president of Caterpillar's Energy & Transportation segment.
"Cat® equipment – regardless of its power source – is
designed to operate in the most demanding conditions. Lithos'
experience manufacturing battery packs for similarly demanding
environments will be an asset as we continue our electrified
Headquartered in San Rafael,
California, Lithos specializes in designing, engineering and
manufacturing shock resistant and high performance battery
solutions for applications including off-road and marine.
"We are extremely excited to be working with Caterpillar,
especially at a time when the leading construction machinery and
equipment manufacturer is entering a new age of efficiency and
reduced emission operation," commented James Meredith, CEO of Lithos Energy.
"Caterpillar's forward thinking, commitment to electrification and
leadership position on the global stage for equipment manufacturers
make this an ideal match. This funding will enable Lithos to
accelerate technology development and scale up manufacturing
capacity as we look forward to providing increasingly advanced
product offerings to our new and existing customers."
Caterpillar's investment in Lithos further demonstrates
Caterpillar's commitment to support customers in the energy
transition with lower-carbon advanced power technologies for its
hybrid and full-electric machines and power generation products.
The company recently displayed four electric construction machine
prototypes, including battery prototypes, at bauma 2022 in
Munich, Germany and successfully
demonstrated its first battery electric 793 large mining
truck at its Tucson Proving Ground in Arizona.
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.
About Lithos Energy
Lithos Energy, Inc is a San
Francisco based engineering firm that designs, builds and
integrates lithium-ion battery systems. Founded by two MIT engineers who had previously worked for some of
the biggest electric vehicle companies in the United States, Lithos Energy provides
custom energy storage solutions to a range of markets. The Lithos
team is dedicated to developing the best solutions for each
application, working with clients who are committed to producing
great products for customers.
At Lithos, we understand that behind every technological and
product breakthrough is a team of dedicated people who sweat the
details and who work tirelessly to develop new, innovative
solutions. We are committed to the success of our clients, partners
and projects. By offering in-house prototyping and production, we
can rapidly innovate and ensure that each production product meets
the exacting specifications required for the application.
Visit Lithos Energy at lithosenergy.com
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A reconciliation of non-GAAP financial information can be found
in our press release describing second-quarter 2021 financial
results which is available on our website at
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SOURCE Caterpillar Inc.