Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Union Pacific to Purchase 10 Caterpillar Battery-Electric Locomotives

Published 2022-01-28, 04:16 p/m
Updated 2022-01-28, 04:16 p/m
© Reuters

By Sam Boughedda

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

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.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.