finance

Union Pacific to Purchase 10 Caterpillar Battery-Electric Locomotives



© Reuters

Investing.com — Union Pacific Corporation (NYSE:) said it would buy 10 battery-electric locomotives from Progress Rail, a company owned by Caterpillar (NYSE:). 

Caterpillar said the purchase is part of the most significant investment in battery-electric technology by a U.S. Class I railroad.

Caterpillar shares are down over 6%, while Union Pacific is trading just 0.04% below Thursday’s close. 

The locomotives — manufactured in Muncie, Indiana — will be tested in rail yards in California and Nebraska to identify their capabilities and challenges for broader deployment.

The first units will be delivered to Union Pacific in late 2023, with the deal expected to be completed in early 2024.

“These investments will contribute to further developing this important technology and providing industry-wide benefits,” said Union Pacific Chairman, President and CEO, Lance Fritz.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.  Learn more