: Caterpillar invests in lithium-ion battery pack maker Lithos Energy
Caterpillar Inc. CAT said Friday it has invested in Lithos Energy Inc., a San Francisco-based designer and maker of lithium-ion battery packs. Lithos specializes in making shock-resistant and high-performance batteries used in off-road and marine applications. Financial terms of the investment were not disclosed. “Cat equipment – regardless of its power source – is designed to operate in the most demanding conditions,” said Joe Creed, group president of Caterpillar’s Energy & Transportation business. “Lithos’ experience manufacturing battery packs for similarly demanding environments will be an asset as we continue our electrified product development.” Caterpillar’s stock, which fell 0.7% in premarket trading, has run up 34.4% over the past three months through Thursday, while the Dow Jones Industrial Average DJIA has gained 10.0%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.