By Vladimir Basov
January 7, 2023 - On Friday, Caterpillar (NYSE:CAT) announced that the company is investing in Lithos Energy, Inc., a U.S.-based battery technology company that produces lithium-ion battery packs.
Caterpillar, the world's leading manufacturer of construction and mining equipment, said that this deal will help to accelerate the development of the company's electrified product portfolio.
"Caterpillar's collaboration with Lithos supports our commitment to delivering robust electrified products and solutions for our customers," commented 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.
"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 said in a statement.
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.
Lithos Energy, Inc is a San Francisco based engineering firm that designs, builds and integrates lithium-ion battery systems. Lithos Energy provides custom energy storage solutions to a range of markets.