Meritor® Announces Additional Investment in TransPower® to Advance Growth in Electric Commercial Vehicle Technologies
TROY, Mich., April 2, 2019 /PRNewswire/ -- Meritor, Inc. (NYSE: MTOR) today announced an additional strategic investment in TransPower, a leader in electrification technologies for large commercial vehicles, to support future growth. Terms of the transaction were not disclosed.
"This investment will allow us to advance the development of transformative electrification technologies for the commercial vehicle industry," said Jay Craig, chief executive officer and president, Meritor. "Our collaboration with TransPower has proved successful in the early phase of our electrification strategy and we believe it will continue to create a winning formula as we look ahead to low-volume production in the future."
Meritor's investment will fund continued improvements in the development of controls for its eAxle and commercialization of electric vehicle system solutions from both companies. Through various programs with major OEMs, almost 100 vehicles are planned to be equipped with Meritor and TransPower electrification systems between 2019 and 2020.
Meritor's eCarrier platform integrates an electric motor into the axle, freeing up space for batteries and other components. This flexible design is the foundation for various drivetrain configurations, including full electric, hybrid, and single or tandem axles with various options based on product application for vehicle Classes 5 through 8.
California-based TransPower supplies integrated drive systems, full electric truck solutions and energy-storage subsystems to major manufacturers of trucks, school buses, refuse vehicles and terminal tractors. The company has been focused exclusively on developing electrical drive solutions for more than seven years.
About Meritor
Meritor, Inc. is a leading global supplier of drivetrain, mobility, braking and aftermarket solutions for commercial vehicle and industrial markets. With more than a 100-year legacy of providing innovative products that offer superior performance, efficiency and reliability, the company serves commercial truck, trailer, off-highway, defense, specialty and aftermarket customers around the world. Meritor is based in Troy, Mich., United States, and is made up of approximately 8,600 diverse employees who apply their knowledge and skills in manufacturing facilities, engineering centers, joint ventures, distribution centers and global offices in 19 countries. Meritor common stock is traded on the New York Stock Exchange under the ticker symbol MTOR. For important information, visit the company's website at www.meritor.com.
About TransPower
Transportation Power, Inc., doing business as TransPower, is a privately-held California company that develops and provides clean vehicle and stationary energy storage technologies and products. TransPower manufactures a proprietary integrated electric drive system for large trucks, tractors, and school buses, which it sells to vehicle manufacturers and installs into vehicles on a turn-key basis. In addition, TransPower is developing drive products using state of the art hybrid-electric and fuel cell hybrid propulsion systems, as well as a special line of controllers and related products designed to work with Meritor's E-Axle. For more information, contact info@transpowerusa.com or visit www.transpowerusa.com.
CONTACT: Krista Sohm, (248) 435-7115, krista.sohm@meritor.com; Todd Chirillo, (248) 435-1571, todd.chirillo@meritor.com
