REF Locomotive Day Takeaways From TD Cowen
Most locomotive energy transition scenarios bode well for Wabtec and to a lesser extent Caterpillar. There appears to be a near-consensus within the industry that the fleet will be zero-emission non-diesel in the long term but no clear consensus on what that will be, although hydrogen electrolyzer is a leading candidate. Bridge technologies could include biofuels, renewable diesel, hydrogen ICE, and battery.