Meritor (MTOR) Secures 15.9M Euros for Developing E-Powertrain
Meritor, Inc. MTOR recently announced receiving a grant from the Advanced Propulsion Centre's (APC) Core Competition Program in the U.K. This will partially fund the company’s project for the development of the 17Xe electric powertrain system for heavy-duty electric trucks and buses integrated with a single-drive axle.
Meritor, in association with Danfoss Editron and Electra Commercial Vehicles, had submitted the Electric Powertrain Integration for heavy Commercial vehicles (EPIC) Project. The three companies are joining forces to develop a next-generation, zero-emission electric powertrain. EPIC will provide a breakthrough technology to commercial vehicle Original Equipment Manufacturers (OEMs), aiding the companies to reduce costs and meet global carbon-emission targets, thus enhancing vehicle efficiency and range. The consortium has been awarded 15.9 million euros toward the 31.9 million euros needed for the project.
This award will help the consortium build an electric powertrain for heavy-duty vehicles in 4x2 and 6x2 configurations having up to 44 tonnes without wheel-end reduction and up to 65 tonne vehicles with wheel-end reduction.
Each EPIC consortium member has a crucial role to play in the project. With Meritor being responsible for overall integration of motor, inverter, transmission and carrier into the axle housing, Danfoss has the onus of development and integration of electric motor and inverter, and Electra will be entrusted with the integration of battery-electric chassis.
Within this program, Meritor will set up a European Centre of Excellence for eMobility in Cwmbran, South Wales, and Danfoss Editron will establish an Innovation Centre in Edinburgh, Scotland. The two new centres will create additional job opportunities in both Europe and the U.K.
EPIC will ensure carbon neutrality in commercial vehicles, and other applications, operating in towns and cities across the U.K. Meritor's 17Xe ePowertrain system will deliver enhanced performance for full electric and hydrogen fuel cell vehicles, and is developed to fit into the existing chassis with minimum modifications to the suspension or frame.
The three companies are thrilled to be part of this U.K.-based electrification program as the nation shifts toward a carbon-free future. The consortium will develop a revolutionary solution for heavy-duty vehicles with more battery space and extended range.
Michigan-based Meritor is a leading global supplier of drivetrain, mobility, braking, aftermarket and electric powertrain solutions for commercial vehicle and industrial markets. The latest project will enable Meritor to significantly expand its Blue Horizon technology portfolio brand into Europe.
The EPIC project reflects the application flexibility designed into the Meritor’s electric powertrain portfolio, and the growing demand for the company’s solution. Additionally, the company's electric powertrain represents game-changing technology for commercial vehicles, thus ensuring that the company’s electrification revenues continue to expand into the future.
Meritor, peers of which include Magna International MGA, BRP Inc. DOOO and Strattec Security Corporation STRT, currently carries a Zacks Rank of 2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Notably, shares of Meritor have appreciated 4.9% year to date, as against the industry’s fall of 6.4%.
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