CALGARY, AB, Dec. 18, 2020 /PRNewswire/ - Canadian
Pacific (TSX: CP) (NYSE: CP) announced today that it plans to
develop North America's first
line-haul hydrogen-powered locomotive. CP's Hydrogen Locomotive
Program will retrofit a line-haul locomotive with hydrogen fuel
cells and battery technology to drive the locomotive's electric
traction motors. Once operational, CP will conduct rail service
trials and qualification testing to evaluate the technology's
readiness for the freight-rail sector.
"This is a globally significant project that positions CP at the
leading edge of decarbonizing the freight transportation sector,"
said Keith Creel, CP's President and
Chief Executive Officer. "CP will continue to focus on finding
innovative solutions to transform our operations and adapt our
business, positioning CP and our industry as leaders for a
sustainable future."
The work builds on CP's prior experience with testing
low-emitting locomotive technologies, including biofuels,
compressed natural gas and battery-powered solutions. Nearly the
entire freight locomotive fleet of all railway operators in
North America consists of
diesel-powered units, representing the industry's most significant
source of greenhouse gas emissions.
CP has long focused on energy-saving initiatives as a core
component of its sustainability practices. Since 1990, CP has
improved its locomotive fuel efficiency by more than 40 percent
through a variety of programs and technology deployments designed
to improve fuel economy and reduce air emissions. The application
of leading practices, emerging technologies and relationship
building across the value chain and industrial sector will remain
critical as CP addresses the climate change challenge.
For more information about CP's sustainability initiatives,
visit sustainability.cpr.ca.
Note on forward-looking information
This news release contains certain forward-looking information
and forward-looking statements (collectively, "forward-looking
information") within the meaning of applicable securities laws.
Forward-looking information includes, but is not limited to,
statements concerning expectations, beliefs, plans, goals,
objectives, assumptions and statements about possible future
events, conditions, and results of operations or performance.
Forward-looking information may contain statements with words or
headings such as "will", "anticipate", "believe", "expect", "plan",
"should", "commit" or similar words suggesting future outcomes.
This news release contains forward-looking information relating,
but not limited, to, the anticipated timing and successful
completion of CP's planned development of a hydrogen-powered
locomotive, the anticipated financial, capital and personnel
resources required for such development, the anticipated impacts of
such development on CP's operations, priorities and plans, and
certain anticipated future strategies, plans and goals relating to
sustainability.
The forward-looking information contained in this news release
is based on current expectations, estimates, projections and
assumptions, having regard to CP's experience and its perception of
historical trends, and includes, but is not limited to,
expectations, estimates, projections and assumptions relating to:
the fuel efficiency of railways and CP's operations; CP's ability
to implement certain initiatives, including emissions targets,
scenario analyses, risk mitigation strategies, changes to
enterprise risk management and internal carbon pricing mechanisms;
future investments in and the availability of carbon
emissions-reduction tools and technologies including through CP's
fleet modernization program and technology upgrades; the impacts of
existing and planned capital investments; CP's ability to work with
governments and third parties to mitigate the impacts of climate
change; North American and global economic growth; commodity demand
growth; agricultural production; commodity prices and interest
rates; performance of our assets and equipment; applicable laws,
regulations and government policies; the availability and cost of
labour on the timelines anticipated and with the capabilities
required, as well as the availability and cost of services and
infrastructure; the satisfaction by third parties of their
obligations to CP; the anticipated impacts of the novel strain of
coronavirus (and the disease known as COVID-19); and capital
investments by third parties. Although CP believes the
expectations, estimates, projections and assumptions reflected in
the forward-looking information presented herein are reasonable as
of the date hereof, there can be no assurance that they will prove
to be correct. Current conditions, economic and otherwise, render
assumptions, although reasonable when made, subject to greater
uncertainty.
Undue reliance should not be placed on forward-looking
information as actual results may differ materially from those
expressed or implied by forward-looking information. By its nature,
CP's forward-looking information involves inherent risks and
uncertainties that could cause actual results to differ materially
from the forward looking information, including, but not limited
to, the following factors: changes in business strategies; general
North American and global economic, credit and business conditions;
risks associated with agricultural production, such as weather
conditions and insect populations; the availability and price of
energy commodities; the effects of competition and pricing
pressures; industry capacity; shifts in market demand; changes in
commodity prices; uncertainty surrounding timing and volumes of
commodities being shipped via CP; inflation; changes in laws,
regulations and government policies, including regulation of rates;
changes in taxes and tax rates; potential increases in maintenance
and operating costs; changes in fuel prices; uncertainties of
investigations, proceedings or other types of claims and
litigation; labour disputes; risks and liabilities arising from
derailments; transportation of dangerous goods; timing of
completion of capital and maintenance projects; currency and
interest rate fluctuations; trade restrictions or other changes to
international trade arrangements; climate change; various events
that could disrupt operations, including severe weather, such as
droughts, floods, avalanches and earthquakes, and cybersecurity
attacks, as well as security threats and governmental response to
them, and technological changes; and the pandemic created by the
outbreak of the novel strain of coronavirus (and the disease known
as COVID-19) and resulting effects on economic conditions, the
demand environment for logistics requirements and energy prices,
restrictions imposed by public health authorities or governments,
fiscal and monetary policy responses by governments and financial
institutions, and disruptions to global supply chains. The
foregoing list of factors is not exhaustive. These and other
factors are detailed from time to time in reports filed by CP with
securities regulators in Canada
and the United States. Reference
should be made to "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations -
Forward-Looking Statements" in CP's annual and interim reports on
Form 10-K and 10-Q.
The forward-looking information contained in this news release
is made as of the date hereof. Except as required by law, CP
undertakes no obligation to update publicly or otherwise revise any
forward-looking information, or the foregoing assumptions and risks
affecting such forward-looking information, whether as a result of
new information, future events or otherwise.
About Canadian Pacific
Canadian Pacific is a transcontinental railway in Canada and the
United States with direct links to major ports on the west
and east coasts. CP provides North American customers a competitive
rail service with access to key markets in every corner of the
globe. CP is growing with its customers, offering a suite of
freight transportation services, logistics solutions and supply
chain expertise. Visit cpr.ca to see the rail advantages of
CP. CP-IR
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SOURCE Canadian Pacific