Early in March, the American Wealth Mining Corporation made a big announcement: the company vehicles were going sustainable electric. This was a further step in their investment and joint venture with New Energy Asia Pacific Co. Ltd. As a result of this decision, both companies have exclusive distribution rights in the US, Australia, Korea, Dubai, Indonesia, Singapore, and Malaysia when it comes to electric construction vehicles.

Electric construction vehicles are still in their early stages, unlike consumer electric vehicles. There’s no Tesla equivalent in this area. But at the same time, it’s a quickly growing one, with a Grand View Research report stating it’s currently worth $50.5 billion and will reach $138.7 billion USD by 2030.

Not only will this benefit those two companies, but it's an overall win for the mining industry. Here you have two corporations providing fully electric and sustainable vehicles. It’s a big deal and a huge victory for these reasons.

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The Shift Makes Sense

Ryan Fishoff, the CEO, described this decision as sensible. Their investment in New Energy Asia Pacific resulted in the growth of that business and is a sign of further long-term growth in addition to sustainability. He points out that New Energy Asia Pacific is projected to deliver over 1,000 construction vehicles this year alone. Combined with growing global demand, the shift to go fully electric makes sense, and it’s better to start much earlier.

Their priority will be to focus on the US domestic market while working to establish themselves in other countries after that, but overall, the shift is good. The mining industry has been painted for decades as a terrible business that harms the planet. However, the fact that mining companies are going fully electric before consumer automakers is pretty telling that the industry is years ahead of others.

Displaying it in this fashion with future development projects being possible by all-electric vehicles will only benefit these companies and the industry.

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Painting Mining Companies Green

Even though the practice of mining harms the Earth and causes other social issues on occasion, that doesn’t mean the entire industry is like that. With one bad case, there are dozens more ESG initiatives and companies working towards sustainability.

New Energy Asia Pacific is rolling out all-electric versions of traditional construction vehicles. But this shift toward going all-electric isn’t anything new. There have been hybrid versions of these machines available for years. This is on top of all-electric excavators, loaders, and other heavy equipment being available right now.

What’s bigger about this move is entire fleets are fully electric. This is on top of American Wealth Mining Corporation changing its name to New Energy CV Corporation. This is to reflect that they offer electric vehicles for mining and construction.

Takeaway

What this move does is further push electric heavy machinery into the limelight, joining the steady electric fleet of cars and public transportation. And in fact, this push reveals that heavy machinery equipment companies are already ahead of the curve compared to electric cars and public transportation.

All in all, key companies in the mining industry are setting themselves up to be crucial in the transition to a more sustainable planet, forever changing how we view these companies today.

Compare ESG performance in the mining sector at Company ESG Profiles.