Caterpillar demonstrates first battery-powered truck to mining customers
Caterpillar (NYSE:CAT) on Tuesday said it demonstrated a battery-powered mining truck at its test site in Green Valley, Arizona, which is being upgrading with renewable energy sources.
Caterpillar (CAT) completed development of the first electric 793 prototype, enlisting support from mining companies that are in its “early learner” program such as BHP (BHP), Freeport-McMoRan (FCX), Newmont Corporation (NEM), Rio Tinto (RIO) and Teck Resources (TECK).
"Our global team came together to develop this battery truck at an accelerated pace to help our customers meet their sustainability commitments," Denise Johnson, president of Caterpillar’s (CAT) resource industries group, said in a statement.
The company's customers saw a live demonstration of the prototype truck on a 4.3-mile course. When loaded to capacity, the truck hit a top speed of 37.3 miles per hour. It also traveled 0.62 mile up a 10% grade at 7.5 miles per hour. While going downhill, the truck recharged its battery.
Caterpillar (CAT) built the prototype at its Tucson Proving Ground, which maker of heavy equipment is turning into a sustainable "mine site of the future" by installing and using renewable energy sources. The goal is to show customers how to operate an electrified mining site.
The demonstration of the electric large truck comes several weeks after Caterpillar (CAT) unveiled prototypes of four electric machines at a trade show in Germany.
Caterpillar rose 1.7% to $236.04 a share by 11:51 a.m. ET. The stock last week hit an 18-month high of $239.85 a share. Amid rising demand for construction equipment, the company reported record earnings in Q3.
Seeking Alpha columnist Bill Zettler has a Hold rating on Caterpillar (CAT) because of recession risks. Contributor Leo Nelissen rates Caterpillar (CAT) as a Buy on its EPS growth.