Accelera by Cummins, Daimler Truck and PACCAR Complete Battery Joint Venture Transaction to Form Amplify Cell Technologies and Name New CEO
June 04 2024 - 8:00AM
Business Wire
Accelera by Cummins, Daimler Trucks & Buses US Holding LLC
and PACCAR have completed the formation of their joint venture, now
known as Amplify Cell Technologies, to localize battery cell
production and the battery supply chain in the United States. This
strategic collaboration will advance zero-emissions technology for
electric commercial vehicles and industrial applications. Amplify
will soon begin construction of a 21-gigawatt hour (GWh) factory in
Marshall County, Miss., with potential for further expansion as
demand grows. The factory is expected to create more than 2,000
U.S. manufacturing jobs and is targeting the start of its
production operations in 2027.
Amplify Cell Technologies has named Kel Kearns as the new Chief
Executive Officer. Kearns will lead Amplify in producing
differentiated lithium-iron-phosphate (LFP) battery cells that
create value for commercial vehicle customers in North America.
Kearns’ career spans several decades holding various roles in
automotive and manufacturing industries, with his most recent
responsibility focused on large-scale electric vehicle
manufacturing.
Accelera, Daimler Truck and PACCAR each own 30 percent of the
business. EVE Energy serves as the technology partner with 10
percent ownership and contributes its industry-leading battery cell
design and manufacturing expertise to the venture. EVE Energy is a
global technology leader in the manufacture of LFP battery cells
for the vehicle industry.
“Cummins’ power solutions are at the heart of the economy, and
we have the responsibility to decarbonize in a way that meets our
customers’ varied needs as they navigate the energy transition,”
said Jennifer Rumsey, Chair and CEO, Cummins Inc. “Amplify Cell
Technologies will enable Accelera by Cummins and our partners to
deliver solutions that best serve our customers and the planet.
This is a significant step forward as we lead our industry into the
next era of smarter, cleaner power.”
“Amplify Cell Technologies will enable PACCAR to offer customers
cost-effective premium quality battery electric powertrains that
meet their operational and sustainability needs," said Preston
Feight, PACCAR Chief Executive Officer. "We are pleased to begin
this exciting venture with these world class partners.”
John O'Leary, President and CEO of Daimler Truck North America,
said, “For Daimler Truck, a strict focus on costs and smart capital
allocation are the key levers to succeed on the path toward truly
sustainable transportation. This partnership enables economies of
scale beyond Daimler Truck. It is a key puzzle piece of our battery
industrialization strategy, ensuring access to the right battery
cell technology at the right cost and right time for our
customers.”
Accelera by Cummins, Daimler Truck and PACCAR are leading the
commercial vehicle sector’s transition to zero-emissions
technologies. The partners are committed to reducing carbon
emissions consistent with the Paris Climate Agreement.
About Accelera™ by Cummins
Accelera by Cummins provides a diverse portfolio of
zero-emissions solutions for the world’s most economically vital
industries, empowering them to accelerate the transition to a
sustainable future. Accelera, a business segment of Cummins Inc.,
is both a components supplier and integrator, focused on batteries,
hydrogen fuel cells, e-axles, traction drive and electrolyzers.
Accelera currently has operations in North America, across Europe
and in Asia.
Cummins, a global power technology leader, is a corporation of
complementary business segments that design, manufacture,
distribute and service a broad portfolio of power solutions.
Headquartered in Columbus, Indiana (U.S.), Cummins employs
approximately 73,600 people committed to powering a more prosperous
world. It operates a robust distribution and support network in
more than 190 countries and territories. Cummins earned about $2.2
billion on sales of $28.1 billion in 2022.
To learn more about Accelera by Cummins, visit
accelerazero.com.
About Daimler Truck
Daimler Truck Holding AG ("Daimler Truck") is one of the world's
largest commercial vehicle manufacturers with more than 40 main
locations and more than 100,000 employees worldwide. The business
activities of Daimler Truck are divided into five reporting
segments: Trucks North America (TN) with the truck brands
Freightliner and Western Star and the school bus brand Thomas Built
Buses; Trucks Asia (TA) with the commercial vehicle brands FUSO,
BharatBenz and RIZON; Mercedes-Benz (MB) with the truck brand of
the same name; and Daimler Buses (DB) with the bus brands
Mercedes-Benz and Setra. The fifth segment is Daimler Truck
Financial Services (DTFS). In addition to the sale of new and used
commercial vehicles, the company also offers aftersales services
and connectivity solutions and invests in advanced technologies
such as zero-emissions, hydrogen, charging infrastructure and
autonomous driving.
About PACCAR
PACCAR is a global technology leader in the design, manufacture
and customer support of high-quality light-, medium- and heavy-duty
trucks under the Kenworth, Peterbilt and DAF nameplates. PACCAR
vehicles combine state-of-the-art diesel and zero-emissions
powertrains with comprehensive PACCAR charging solutions and
infrastructure support. PACCAR also provides financial services and
information technology, and distributes truck parts related to its
principal business.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240604793536/en/
Cummins Media Contact: Jon Mills +1-317-658-4540
jon.mills@cummins.com
Daimler Truck Media Contact: Andrew Johnson
+1-503-799-7234 andrew.johnson@daimlertruck.com
PACCAR Media Contact: Ken Hastings +1-425-468-7530
ken.hastings@paccar.com
PACCAR (NASDAQ:PCAR)
Historical Stock Chart
From Jul 2024 to Aug 2024
PACCAR (NASDAQ:PCAR)
Historical Stock Chart
From Aug 2023 to Aug 2024