Cat invests in US battery specialist
06 January 2023
Caterpillar said it is investing in Lithos Energy, Inc., a US specialist in the design and manufacture of lithium-ion battery packs. The amount invested has not been disclosed.
Headquartered in San Rafael, California, Lithos produces shock resistant and high performance battery packs for applications including off-road vehicles and marine. The company was founded in 2015 by two MIT graduates, including current CEO James Meredith, a former Tesla design engineer.
“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.”
James Meredith at Lithos said the company was 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.
“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 said the investment demonstrated its commitment to support customers in the energy transition with lower-carbon power technologies for hybrid and full-electric machines as well as power generation products.
The company recently displayed four electric construction machine prototypes, including battery prototypes, at Bauma 2022 in Munich, Germany and demonstrated its first battery electric 793 large mining truck at its Tucson Proving Ground in Arizona.
Also at Bauma the company showed off-highway battery pack prototypes.