Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Union Pacific to buy 10 Caterpillar battery locomotives

CommoditiesJan 28, 2022 04:00PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Caterpillar logo is pictured at the 'Bauma' Trade Fair for Construction Machinery, Building Material Machines, Mining Machines, Construction Vehicles and Construction Equipment in Munich, Germany, April 8, 2019. REUTERS/Michaela Rehle/File Pho

By Bianca Flowers

(Reuters) -Union Pacific Corp plans to buy 10 battery locomotives from Caterpillar Inc (NYSE:CAT), Caterpillar Chief Financial Officer Andrew Bonfield said on Friday, as the rail company moves away from diesel fuel to meet a goal of net-zero emissions by 2050.

The announcement was made as customers of the world's largest construction and mining equipment maker are trying to reduce their carbon emissions by relying less on gas and diesel for transportation.

Union Pacific (NYSE:UNP) later said it will be adding 20 electric battery locomotives to its railroads for more than $100 million. In addition to its deal with Caterpillar, the company will acquire the other half of rail vehicles from Wabtec Corporation.

"We have other transactions in the transportation space around locomotives," Bonfield said in an interview with Reuters to discuss Caterpillar's fourth-quarter results https://www.reuters.com/business/caterpillar-beats-quarterly-revenue-estimates-2022-01-28, which showed it topping Wall Street estimates with a revenue increase of more than 20%.

"All of those (sustainability) efforts are helping other parts of our business."

Caterpillar Chief Executive Officer Jim Umpleby said during the company's earnings call that Union Pacific, the largest U.S. railroad operator by market value, is the fourth customer for Caterpillar's rail battery electric locomotive technology.

Union Pacific CEO Lance Fritz said in a statement that the purchases would help the company reach its goal of net-zero emissions by 2050.

On Wednesday, Canadian mining company Teck Resources (NYSE:TECK) Ltd said it was deploying 30 of Caterpillar's zero-emissions large-haul trucks as it works to be carbon-neutral by 2050.

Union Pacific to buy 10 Caterpillar battery locomotives
 

Related Articles

Third possible case of monkeypox found in the U.S
Third possible case of monkeypox found in the U.S By Reuters - May 22, 2022 1

By Rich McKay ATLANTA (Reuters) - Health authorities said they may have found a third case of the monkeypox virus in the United States and are running tests on a patient in South...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email