ESCONDIDO, Calif. and TROY, Mich., April 8, 2019 /PRNewswire/ -- TransPower, an advanced clean transportation technology company, and Meritor, Inc. (NYSE: MTOR), a leading manufacturer of axles and brake systems and investor in TransPower, announced today the completion of two multi-year projects for the development, testing and evaluation of advanced, zero-emission electric yard tractors and Class 8 trucks. The projects were supported with grants from the California Energy Commission under its Alternative and Renewable Fuels and Vehicle Technologies Program, which promotes new vehicle technologies that reduce petroleum consumption and production of harmful vehicle emissions.
"The projects enabled through these grants met the goals of demonstrating the benefits of adapting electric propulsion technology to large vehicles and stimulating commercial adoption," said Mike Simon, founder and CEO, TransPower.
The two recently completed projects were initiated simultaneously in mid-2015 following the competitive award of $6 million to TransPower for the purposes of improving and demonstrating its electric vehicle technologies that use permanent magnet motors, large battery packs and advanced controls to power heavy vehicles. Under these two projects, TransPower developed a new version of its electric yard tractor drive system customized for heavy-duty yard tractors. In addition, TransPower improved a variant of its electric drive system used in on-road Class 8 trucks.
The electric yard tractors built under the recently concluded demonstration projects are operating at Dole Fresh Fruit's terminal at the Port of San Diego; the IKEA Distribution Center in Tejon; Grimmway Farms and Harris Ranch in the San Joaquin Valley; and Blue Diamond Almonds and Raley's in Sacramento. These tractors have accumulated more than 15,000 hours of in-service use, most within the past year, clearly validating their ability to handle demanding cargo handling in a wide variety of duty cycles. The two electric trucks are also being operated at the Port of San Diego. Building on the successes of these two projects, TransPower has received grants and contracts to convert 100 additional yard tractors and trucks to electric drive for use in California, and is ramping up commercial manufacturing of electric drive kits for installation into yard tractors at assembly lines operated by established yard tractor manufacturers.
Commercial sales of TransPower components are expected to be accelerated by combining these products with Meritor's eAxle, a new propulsion concept integrating the main drive motor into the axle carrier housing. Meritor's strategic investment in TransPower, which was increased earlier this month, is intended to accelerate development and sale of this entire family of electric drive products.
"By continuing to advance electrification technology through this investment, we are positioning Meritor to be a major player in this emerging industry segment," said Chris Villavarayan, senior vice president and president, Global Truck for Meritor. "We believe the solutions we are developing will be preferred by commercial vehicle manufacturers around the world."
Meritor and TransPower, in collaboration with major vehicle manufacturers, will be exhibiting their latest electric vehicle technologies at the Advanced Clean Transportation (ACT) Expo in Long Beach, Cal. on April 24-26, 2019.
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.
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 eAxle. For more information, contact email@example.com or visit www.transpowerusa.com.
This release contains statements relating to future results of the company (including certain projections and business trends) that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as "believe," "expect," "anticipate," "estimate," "should," "are likely to be," "will" and similar expressions. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to reliance on major OEM customers and possible negative outcomes from contract negotiations with our major customers, including failure to negotiate acceptable terms in contract renewal negotiations and our ability to obtain new customers; the outcome of actual and potential product liability, warranty and recall claims; our ability to successfully manage rapidly changing volumes in the commercial truck markets and work with our customers to manage demand expectations in view of rapid changes in production levels; global economic and market cycles and conditions; availability and sharply rising costs of raw materials, including steel, and our ability to manage or recover such costs; our ability to manage possible adverse effects on our European operations, or financing arrangements related thereto following the United Kingdom's decision to exit the European Union or, in the event one or more other countries exit the European monetary union; risks inherent in operating abroad (including foreign currency exchange rates, restrictive government actions regarding trade, implications of foreign regulations relating to pensions and potential disruption of production and supply due to terrorist attacks or acts of aggression); risks related to our joint ventures; rising costs of pension benefits; the ability to achieve the expected benefits of strategic initiatives and restructuring actions; our ability to successfully integrate the products and technologies of Fabco Holdings, Inc. and AA Gear Mfg., Inc. and future results of such acquisitions, including their generation of revenue and their being accretive; the demand for commercial and specialty vehicles for which we supply products; whether our liquidity will be affected by declining vehicle production in the future; OEM program delays; demand for and market acceptance of new and existing products; successful development and launch of new products; labor relations of our company, our suppliers and customers, including potential disruptions in supply of parts to our facilities or demand for our products due to work stoppages; the financial condition of our suppliers and customers, including potential bankruptcies; possible adverse effects of any future suspension of normal trade credit terms by our suppliers; potential impairment of long-lived assets, including goodwill; potential adjustment of the value of deferred tax assets; competitive product and pricing pressures; the amount of our debt; our ability to continue to comply with covenants in our financing agreements; our ability to access capital markets; credit ratings of our debt; the outcome of existing and any future legal proceedings, including any proceedings or related liabilities with respect to environmental, asbestos-related, or other matters, including those associated with the bankruptcy proceedings of Maremont Corporation and its subsidiaries, including the ability to obtain approval and consummation of the proposed plan of reorganization on the terms and timeline contemplated therein; possible changes in accounting rules; and other substantial costs, risks and uncertainties, including but not limited to those detailed in our Annual Report on Form 10-K for the year ended September 30, 2018, as amended and from time to time in other filings of the company with the SEC. These forward-looking statements are made only as of the date hereof, and the company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by law. All earnings per share amounts are on a diluted basis. The company's fiscal year ends on the Sunday nearest Sept. 30, and its fiscal quarters generally end on the Sundays nearest Dec. 31, March 31 and June 30. All year and quarter references relate to the company's fiscal year and fiscal quarters, unless otherwise stated.
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Meritor Media Inquiries: Ryan Obert, (248) 435-1701, firstname.lastname@example.org; Investor Inquiries: Todd Chirillo, (248) 435-1571, email@example.com; TransPower Media Inquiries: Joshua Goldman, 858-449-4629, firstname.lastname@example.org