(BRK.A), (BRK.B)
Ten of Berkshire Hathaway-backed BYD Motors’ heavy-duty zero-emission battery electric yard tractors are now in service at Red Hook Container Terminals container terminal in Port Newark, New Jersey.
The Red Hook fleet represents the single largest deployment of zero-emission battery electric trucks in the eastern United States and the first at a Port Authority of New York and New Jersey marine terminal.
The heavy-duty zero emission battery electric yard tractors are being used to move cargo containers at the Red Hook Marine Terminal in Port Newark and are also being used for making runs to the other terminals at Port Newark and Port Elizabeth and runs to the Millennium Marine Rail yard.
Red Hook operates the cross-harbor barging operation that eliminates tens of thousands of truck trips per year off the roads of New Jersey and New York and so the deployment represents the most recent example of Red Hook’s continuing leading role in the fields of port-related environmental stewardship and global sustainability.
The Red Hook zero-emission battery electric truck fleet project was developed and managed by Climate Change Mitigation Technologies LLC, the leading New Jersey-based developer and manager of zero-emission truck and bus projects for public and private fleets.
The New Jersey Department of Environmental Protection funded a portion of the project using Volkswagen Mitigation Trust funds and Red Hook funded the balance of vehicle and project costs.
CCMT is partnered with Hudson County Motors, Inc. in Secaucus, New Jersey, one of the largest truck dealers in northern New Jersey, and the first BYD Motors truck dealer in the nation.
The BYD model 8Y yard tractors being deployed by Red Hook Container Terminals LLC are third-generation equipment that come with 217 kWh lithium iron phosphate battery packs that have 241 horsepower and are capable of pulling loads of up to 102,000 lbs GVWR. They can operate continuously for up to 12 hours or more before recharging or can operate 24/7 with opportunity charging during shifts. AC and DC charging is available. DC fast charging takes approximately 2 hours from a 20% state of charge. Early operational results indicate that the yard tractor can operate two whole shifts before needing re-charging.
In Long Beach, California, BYD’s yard tractors are just finishing up a one-year demonstration test at International Transportation Service terminal at the Port’s Pier G to test the readiness of the equipment to handle the workload at a busy seaport.
BYD Motors is the leading electric truck and bus manufacturer in the world, with over 14,000 battery electric trucks and 65,000 electric buses deployed worldwide. BYD has US factory operations in Lancaster, CA, and a regional service and parts center in Lodi, New Jersey.
“These zero-emission electric yard tractors do not represent the finish line as far as meeting the seaport’s goal to reduce emissions. But it’s a major step forward,” said Sam Ruda, director of the Port Department of the Port Authority of New York and New Jersey. “It affirms both that the technology is developing rapidly and is applicable to container terminals, and it underscores the role the public and private sectors are playing in making it a reality. Electrifying these yard tractors is strong evidence of how the Port Authority and its partners are moving forward to reduce emissions impacts from cargo operations.”
BYD and Berkshire Hathaway
In 2008, Berkshire Hathaway bet on BYD’s potential, purchasing 225 million shares for $232 million. It’s an investment that has paid off handsomely. Berkshire’s original investment of $232 million had grown in value to $5.897 billion as of December 31, 2020.
© 2021 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway and BYD, and this article is not a recommendation on whether to buy or sell a stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.