CAT's 100th anniversary
While instantly recognised as the major player in construction equipment, Caterpillar Inc, more commonly known as CAT, has its roots set in the farming regions in the west of the United States.
US media report the construction giant has acquired the software, electric drive technology and engineering team of the financially strapped California-based startup.
The move is said to align with Cat’s core business of construction and industrial machinery, where automation and electrification are becoming more prominent. Interestingly, the acquisition might also signal CAT making a return to the agricultural market.
Launched in 2018, Monarch previewed the MK-V prototype at the end of 2020, before moving into production in early 2023.
It featured an electric drivetrain that provided 40hp of continuous power and a short duration peak of up to 70hp.
Monarch was funded by winegrower Carlo Mondavi and former Tesla executive Mark Schwager, raising around US$250 million over the last eight years.
CNH Industrial also held a minority share in the NA startup, with Monarch technology playing a role in the autonomous New Holland T4 Electric Power prototype.
