Cummins Announces Acquisition of Energy Storage Technology
October 16 2017 - 12:00PM
Business Wire
Brammo Acquisition Will Accelerate
Electrification Platform
Cummins Inc. (NYSE: CMI) today announced that it is acquiring
the assets of Brammo, Inc., which designs and develops battery
packs for mobile and stationary applications. Adding Brammo’s
battery pack expertise and resources is an important milestone in
Cummins’ efforts to become a global electrified power leader.
"To be a leading provider of electrified power systems just as
we are with diesel and natural gas driven powertrains, we must own
key elements and subsystems of the electrification network," said
Tom Linebarger, Chairman and CEO, Cummins Inc. "By adding the
expertise of Brammo and its employees to Cummins, we are taking a
step forward in our electrification business and differentiating
ourselves from our competition. As always, when markets are ready,
Cummins will bring our customers the right power solution at the
right time to power their success."
Operations from this acquisition will report under Cummins’
recently formed Electrification Business led by Julie Furber,
Executive Director of Electrification at Cummins, and will continue
to be based in Talent, Oregon. Founded in 2002, Brammo has made
great strides in developing electric energy storage technology for
mobile and stationary applications.
“Brammo’s expertise across a broad range of applications
uniquely positions us to enhance Cummins’ efforts to be a leader in
the electrified power space,” said Craig Bramscher, Chairman and
CEO of Brammo. “We see this as a very exciting opportunity to
continue changing the way the world moves and stores power.”
This acquisition adds to Cummins’ unmatched portfolio of
solutions and provides an entry point into new markets. In August,
Cummins revealed a fully electric heavy duty demonstration Urban
Hauler Tractor.
This acquisition is subject to customary closing conditions and
is expected to close by the end of this calendar year.
About Cummins Inc.
Cummins Inc., a global power leader, is a corporation of
complementary business units that design, manufacture, distribute
and service diesel and natural gas engines and related
technologies, including fuel systems, controls, air handling,
filtration, emission solutions and electrical power generation
systems. Headquartered in Columbus, Indiana, (USA) Cummins
currently employs approximately 55,400 people worldwide and serves
customers in approximately 190 countries and territories through a
network of approximately 600 company-owned and independent
distributor locations and approximately 7,400 dealer locations.
Cummins earned $1.39 billion on sales of $17.5 billion in 2016.
Press releases can be found on the Web at www.cummins.com. Follow
Cummins on Twitter at www.twitter.com/cummins and on YouTube at
www.youtube.com/cumminsinc.
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version on businesswire.com: http://www.businesswire.com/news/home/20171016005785/en/
Cummins Inc.Jon Mills, 317-658-4540Director, External
Communicationsjon.m.mills@cummins.com
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