DEERFIELD, Ill. and
OMAHA, Neb., Jan. 28, 2022 /PRNewswire/ -- Caterpillar Inc.
(NYSE: CAT) announced today Union Pacific Railroad will purchase 10
battery-electric locomotives from Progress Rail, a Caterpillar
Company. The purchase is part of the largest investment in
battery-electric technology by a U.S. Class I railroad.
"We are pleased to supply our EMD Joule locomotives to
Union Pacific representing our largest battery-electric
locomotive order to-date," said Caterpillar Chairman and CEO
Jim Umpleby. "At Caterpillar, we're
continuing to invest in new products, technologies and services to
support our customers during the energy transition, helping them
achieve their climate-related goals as they build a better, more
sustainable world."
The locomotives, which do not use fuel and emit zero exhaust
emissions, will be tested in rail yards in California and Nebraska, helping identify the locomotives'
capabilities and challenges for broader deployment.
Union Pacific Chairman, President and CEO, Lance Fritz said, "We're committed to
actions that reduce Union Pacific's environmental footprint as we
work toward our ultimate goal of reaching net zero emissions by
2050." He added, "These investments will contribute to further
developing this important technology and providing industry-wide
benefits."
The locomotives will be manufactured in Muncie, Ind., and the first units will arrive
onsite in late 2023, with complete delivery anticipated in early
2024.
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 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 Union Pacific
Union Pacific (NYSE: UNP) delivers the goods families and
businesses use every day with safe, reliable and efficient service.
Operating in 23 western states, the company connects its customers
and communities to the global economy. Trains are the most
environmentally responsible way to move freight, helping Union
Pacific protect future generations. More information about Union
Pacific is available at www.up.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.
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SOURCE Caterpillar Inc.