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Matson, Inc. (MATX) - free report >>
Westinghouse Air Brake Technologies Corporation (WAB) - free report >>
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Wabtec (WAB) Aims to Decarbonize Freight Rail & Improve Safety
Westinghouse Air Brake Technologies Corporation, which operates as Wabtec Corporation (WAB - Free Report) , has signed a memorandum of understanding (MOU) with Carnegie Mellon University and Genesee & Wyoming to decarbonize freight rail transport, improve freight safety and improve rail utilization across North America.
The collaboration focuses on two major goals. Firstly, powering locomotive fleets with alternative energy sources (such as batteries), and later, with hydrogen fuel cells for a zero-emission freight rail network pilot program. The second goal focuses on increasing rail network capacity, utilization and safety across the United States by making advancements to current signaling systems and digital technologies.
As part of this effort, Carnegie Mellon University, Genesee & Wyoming and Wabtec aim to create the Freight Rail Innovation Institute, which would help in creating zero-emission locomotives, develop the technology to increase freight rail utilization and improve safety by 50%, while also creating 250,000 jobs by 2030.
Westinghouse Air Brake Technologies Corporation Price
Westinghouse Air Brake Technologies Corporation price | Westinghouse Air Brake Technologies Corporation Quote
Carnegie Mellon University will develop the technologies to optimize rail operations and reduce emissions, while the technologies will be piloted on Genesee & Wyoming’s Buffalo & Pittsburgh Railroad. There are also plans for piloting a zero-emissions battery and a hydrogen-powered train over 200 miles of track between Pittsburgh, PA and Buffalo, NY over the next three years.
Zacks Rank & Key Picks
Wabtec carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader Transportation sector are Matson (MATX - Free Report) , ArcBest Corporation (ARCB - Free Report) and Landstar System (LSTR - Free Report) . While Matson and ArcBest sport a Zacks Rank #1 (Strong Buy), Landstar carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of Matson, ArcBest and Landstar have rallied more than 49%, 61% and 19% so far this year, respectively.