DEERFIELD, Ill., FORT WORTH, Texas, and SAN RAMON, Calif., Dec.
14, 2021 /PRNewswire/ -- Progress Rail, a Caterpillar Inc.
Company (NYSE: CAT), BNSF Railway Company (BNSF), and Chevron
U.S.A. Inc. (Chevron), a
subsidiary of Chevron Corporation (NYSE: CVX), today announced a
memorandum of understanding (MOU) to advance the demonstration of a
locomotive powered by hydrogen fuel cells.
The goal of the demonstration is to confirm the feasibility and
performance of hydrogen fuel for use as a viable alternative to
traditional fuels for line-haul rail. Hydrogen has the
potential to play a significant role as a lower-carbon alternative
to diesel fuel for transportation, with hydrogen fuel cells
becoming a means to reduce emissions.
Under the MOU, the parties are working toward reaching
definitive agreements on a demonstration with three primary
objectives. First, Progress Rail plans to design and build a
prototype hydrogen fuel cell locomotive for line-haul and/or other
types of rail service. Second, Chevron expects to develop the
fueling concept and infrastructure to support this use of the
locomotive. Lastly, the prototype hydrogen fuel cell
locomotive is expected to be demonstrated on BNSF's lines for
a mutually agreed upon period of time.
"Caterpillar has made great strides in moving our advanced power
technology forward. Our Progress Rail team will leverage that
knowledge and experience toward a hydrogen fuel cell locomotive,"
said Joe Creed, Caterpillar group
president of Energy and Transportation. "Working with Chevron and
BNSF will allow us to advance hydrogen technology across the
industry."
"BNSF is pleased to collaborate with Chevron and Progress Rail
in piloting locomotives powered by hydrogen fuel cells," commented
John Lovenburg, vice president of Environmental for
BNSF. "This technology could one day be a lower-carbon
solution for line-haul service, as it has the potential to reduce
carbon emissions and remain cost competitive."
"Chevron is dedicated to scaling up its hydrogen business to
help meet the needs of customers who want to reduce the lifecycle
carbon emissions of their operations," said Jeff Gustavson, president of Chevron New
Energies. "Our work with Progress Rail and BNSF is an
important step toward advancing new use cases for hydrogen in heavy
duty transport, as we seek to create a commercially viable hydrogen
economy."
As previously announced, Caterpillar Inc. is collaborating with
Chevron for the demonstration of hydrogen projects in
transportation and stationary power applications.
The proposed demonstration project is subject to the negotiation
of definitive agreements with customary closing conditions,
including regulatory approval. If established, additional details
about the hydrogen locomotive demonstration, including where the
initial pilot will take place and its timing, will be released at a
later date.
About Caterpillar
With 2020 sales and revenues of $41.7
billion, Caterpillar Inc. is the world's leading
manufacturer of construction and mining equipment, diesel and
natural gas engines, industrial gas turbines, and diesel-electric
locomotives. Since 1925, we've been driving sustainable progress
and helping customers build a better world through innovative
products and services. Throughout the product life cycle, we offer
services built on cutting-edge technology and decades of product
expertise. These products and services, backed by our global dealer
network, provide exceptional value to help our customers succeed.
We do 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
at caterpillar.com/social-media.
About Progress Rail
Progress Rail, a Caterpillar company, is one of the largest
integrated and diversified providers of rolling stock and
infrastructure solutions and technologies for global rail
customers. Progress Rail delivers advanced EMD locomotives and
engines, railcars, trackwork, fasteners, signaling, rail welding
and Kershaw Maintenance-of-Way equipment, along with dedicated
locomotive and freight car repair services, aftermarket parts
support and recycling operations. The company also offers advanced
rail technologies, including data acquisition and asset protection
equipment. Progress Rail's deep industry expertise, together with
the support of Caterpillar, ensures a commitment to quality through
innovative solutions for the rail industry. Progress Rail has a
network of nearly 200 locations across the United States, Canada, Mexico, Brazil, Germany, Italy, Australia, China, India,
South Africa, the United Arab Emirates and the United Kingdom. For more information, visit
progressrail.com and follow @Progress_Rail on Twitter, YouTube,
LinkedIn and Facebook.
About BNSF
BNSF Railway is one of North
America's leading freight transportation companies.
BNSF operates approximately 32,500 route miles of track
in 28 states and also operates in three Canadian provinces. BNSF is
one of the top transporters of consumer goods, grain and
agricultural products, low-sulfur coal, and industrial goods such
as petroleum, chemicals, housing materials, food and beverages.
BNSF's shipments help feed, clothe, supply, and power American
homes and businesses every day. BNSF and its employees have
developed one of the most technologically advanced, and efficient
railroads in the industry. We work continuously to improve the
value of the safety, service, energy, and environmental benefits we
provide to our customers and the communities we serve. You can
learn more about BNSF at www.BNSF.com.
About Chevron
Chevron is one of the world's leading integrated energy
companies. We believe affordable, reliable and ever-cleaner energy
is essential to achieving a more prosperous and sustainable world.
Chevron produces crude oil and natural gas; manufactures
transportation fuels, lubricants, petrochemicals and additives; and
develops technologies that enhance our business and the
industry. We are focused on lowering the carbon intensity in
our operations and seeking to grow lower carbon businesses
along with our traditional business lines. More information
about Chevron is available at www.chevron.com.
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.
CAUTIONARY STATEMENTS RELEVANT TO
FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF "SAFE HARBOR"
PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995
This news release contains forward-looking statements
relating to Chevron's operations and energy transition plans that
are based on management's current expectations, estimates and
projections about the petroleum, chemicals and other
energy-related industries. Words or phrases such as
"anticipates," "expects," "intends," "plans," "targets,"
"advances," "commits," "drives," "aims," "forecasts," "projects,"
"believes," "approaches," "seeks," "schedules," "estimates,"
"positions," "pursues," "may," "can," "could," "should," "will,"
"budgets," "outlook," "trends," "guidance," "focus," "on track,"
"goals," "objectives," "strategies," "opportunities," "poised,"
"potential," "ambitions," "aspires" and similar expressions are
intended to identify such forward-looking statements. These
statements are not guarantees of future performance and are subject
to certain risks, uncertainties and other factors, many of which
are beyond the company's control and are difficult to predict.
Therefore, actual outcomes and results may differ materially from
what is expressed or forecasted in such forward-looking statements.
The reader should not place undue reliance on these forward-looking
statements, which speak only as of the date of this news release.
Unless legally required, Chevron undertakes no obligation to update
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.
Among the important factors that could cause actual results
to differ materially from those in the forward-looking statements
are: changing crude oil and natural gas prices and demand for the
company's products, and production curtailments due to market
conditions; crude oil production quotas or other actions that might
be imposed by the Organization of Petroleum Exporting Countries and
other producing countries; technological advancements; changes to
government policies in the countries in which the company operates;
development of large carbon capture and offset markets; public
health crises, such as pandemics (including coronavirus (COVID-19))
and epidemics, and any related government policies and actions;
disruptions in the company's global supply chain, including supply
chain constraints; changing economic, regulatory and political
environments in the various countries in which the company
operates; general domestic and international economic and political
conditions; changing refining, marketing and chemicals margins; the
company's ability to realize anticipated cost savings, expenditure
reductions and efficiencies associated with enterprise
transformation initiatives; actions of competitors or regulators;
timing of exploration expenses; timing of crude oil liftings; the
competitiveness of alternate-energy sources or product substitutes;
the results of operations and financial condition of the company's
suppliers, vendors, partners and equity affiliates, particularly
during the COVID-19 pandemic; the inability or failure of the
company's joint-venture partners to fund their share of operations
and development activities; the potential failure to achieve
expected net production from existing and future crude oil and
natural gas development projects; potential delays in the
development, construction or start-up of planned projects; the
potential disruption or interruption of the company's operations
due to war, accidents, political events, civil unrest, severe
weather, cyber threats, terrorist acts, or other natural or human
causes beyond the company's control; the potential liability for
remedial actions or assessments under existing or future
environmental regulations and litigation; significant operational,
investment or product changes undertaken or required by existing or
future environmental statutes and regulations, including
international agreements and national or regional legislation and
regulatory measures to limit or reduce greenhouse gas emissions;
the potential liability resulting from pending or future
litigation; the company's future acquisitions or dispositions of
assets or shares or the delay or failure of such transactions to
close based on required closing conditions; the potential for gains
and losses from asset dispositions or impairments; government
mandated sales, divestitures, recapitalizations, taxes and tax
audits, tariffs, sanctions, changes in fiscal terms or restrictions
on scope of company operations; foreign currency movements compared
with the U.S. dollar; material reductions in corporate liquidity
and access to debt markets; the receipt of required Board
authorizations to pay future dividends; the effects of changed
accounting rules under generally accepted accounting principles
promulgated by rule-setting bodies; the company's ability to
identify and mitigate the risks and hazards inherent in operating
in the global energy industry; and the factors set forth under the
heading "Risk Factors" on pages 18 through 23 of the company's 2020
Annual Report on Form 10-K and in subsequent filings with the U.S.
Securities and Exchange Commission. Other unpredictable or unknown
factors not discussed in this news release could also have material
adverse effects on forward-looking statements.
View original
content:https://www.prnewswire.com/news-releases/caterpillar-bnsf-and-chevron-agree-to-pursue-hydrogen-locomotive-demonstration-301444199.html
SOURCE Caterpillar Inc.