FPT Industrial signs a Memorandum of Understanding with Microvast to develop and offer battery power systems
November 19 2019 - 8:30AM
London, November 19, 2019
FPT Industrial, the global powertrain brand of
CNH Industrial (NYSE:CNHI / MI:CNHI), today announced that it has
signed a Memorandum of Understanding with Microvast, aimed at an
industrial and commercial cooperation to enable FPT Industrial to
design and assemble battery packs in-house, at its facility in
Turin, Italy, to be offered on CNH Industrial vehicles and to
third-party customers.
“FPT Industrial is a recognized leader in
alternative propulsion systems, and this agreement further
preparers us for the challenges facing our industry,” said Hubertus
Mühlhäuser, Chief Executive Officer, CNH Industrial. “In a fast
evolving sector, CNH Industrial is committed to entering into
targeted partnerships to deliver advanced alternatives to
traditional fuels, thus accelerating our journey to a sustainable
tomorrow.”
Furthermore, as part of this cooperation, FPT
Industrial will design and engineer a new e-platform to develop and
industrialize complete electrified powertrain systems, customized
and sized for specific missions, with the aim of guaranteeing the
most efficient performance both for on-road and off-road
applications.
Conclusion of negotiations for the definitive
agreements is expected by Q1 2020.
Microvast, based in Houston, Texas, U.S.A., is a
market leader in the design, development and manufacturing of
ultra-fast charging, long-life battery power systems with superior
safety for electric vehicles.
CNH Industrial
N.V. (NYSE: CNHI /MI: CNHI) is a global leader in
the capital goods sector with established industrial experience, a
wide range of products and a worldwide presence. Each of the
individual brands belonging to the Company is a major international
force in its specific industrial sector: Case IH, New Holland
Agriculture and Steyr for tractors and agricultural machinery; Case
and New Holland Construction for earth moving equipment; Iveco for
commercial vehicles; Iveco Bus and Heuliez Bus for buses and
coaches; Iveco Astra for quarry and construction vehicles; Magirus
for firefighting vehicles; Iveco Defence Vehicles for defence and
civil protection; and FPT Industrial for engines and transmissions.
More information can be found on the corporate website:
www.cnhindustrial.com
Microvast CompanyFounded in
2006, Microvast, Inc. is a rapid growing market leader in design,
development and manufacturing of ultra-fast charging, long life
traction battery systems with superior safety features for electric
vehicles. Microvast is renowned for its cutting-edge cell
technology and the vertical integration capability which extends
from core battery chemistry (cathode, anode, electrolyte, membrane
separator) to application technologies (battery management systems)
and other power control electronics. By integrating the process
from raw material to system assembly, Microvast is able to provide
customized solutions with reduced project development time and at
controllable costs. Up till now, Microvast has supplied over 30,000
traction battery systems worldwide in more than 160 cities.
Microvast GmbH is the EMEA headquarter of Microvast, Inc.
Contacts:
Corporate Communications
Email: mediarelations@cnhind.com
Investor Relations
Email: investor.relations@cnhind.com
- 20191119_PR_CNH_Industrial_FPT_Microvast
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