Deal will help to accelerate the development
of Caterpillar's electrified product portfolio
IRVING,
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
product development."
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.
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.
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
Forward-Looking Statements
Certain statements in this financial review 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.
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
www.caterpillar.com/earnings.
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SOURCE Caterpillar Inc.