Caterpillar Announces Investment in Lithos Energy Inc. to Further Battery Pack Development and Manufacturing
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.
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 www.caterpillar.com/earnings.
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