Caterpillar Ventures invests in Fisker for electric future

As automotive manufacturers compete to produce lower-cost electric vehicles (EVs) with greater ranges than ever, the off-highway construction and mining equipment industry has continued to show interest in the technologies developed for automotive use. Last year, Komatsu partnered with NVIDIA to integrate its AI (artificial intelligence) technologies for safer construction equipment. Now, Caterpillar Venture Capital, the business investment arm of Caterpillar, has invested in Fisker Inc. to further its EV technology developments into the off-highway industry.

“It's not just the automotive industry that's going electric,” Henrik Fisker, Chairman and CEO of Fisker, told Truck & Off-Highway Engineering. “Caterpillar and Fisker are in two very different industries serving very different customers, but we're both interested in being part of developing the next-generation, game-changing battery technologies that may power vehicles of all varieties.”