Caterpillar Acquires Tangent Energy Solutions For Undisclosed Sum

Caterpillar Inc. CAT has acquired Tangent Energy Solutions, a U.S.-based energy-as-a-service (EaaS) company. Deal terms were not disclosed.
Kennett Square, Pennsylvania-based Tangent offers customers turnkey solutions to lower energy costs, boost energy efficiency, reduce emissions, monetize electric grid support, and provide resiliency for customer operations.
Tangent's software solutions monitor patterns from grid and client facilities, analyze opportunities in energy markets, and then dispatch resources to maximize return without disrupting normal business operations.
Tangent will continue to offer services under its brand and operate under Caterpillar's Electric Power Division.
Caterpillar held cash and equivalents of $6.53 billion as of March 31, 2022.
Price Action: CAT shares are trading lower by 2.43% at $217.17 on the last check Thursday.
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