Workhorse Group (NASDAQ: WKHS), which manufactures electric delivery vans for UPS, FedEx and other fleet operators, has secured $35 million in new financing from Marathon Asset Management. Workhorse will use the proceeds to repay a July 2018 round of senior secured notes, and to acquire parts to fulfill customer orders. Marathon will provide the funds… Read more »
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Big River Steel to invest $1.2 billion in expansion, increasing electrical steel production
Steel production and recycling specialist Big River Steel will invest $1.2 billion in the expansion of its Arkansas Flex Mill facility, doubling its hot-rolled steel production capacity to 3.3 million tons per year. A key feature of this expansion will be the ability to produce higher grades of electrical steel, demand for which is expected to be… Read more »
AVID Technology ships first EVO electric motors, secures £50 million in new orders
UK-based AVID Technology has begun shipping its EVO electric motors. AVID took over the design, manufacture and distribution of EVO motors from GKN Hybrid Power last year, and has now completely transferred production to its plant in Cramlington, Northumberland. Since the start of the year, AVID has secured over £50 million in new orders for… Read more »
Mercedes to invest $1 billion to build electric SUVs, batteries in Alabama
Daimler has announced that it will invest up to $1 billion to build electric SUVs and batteries at its assembly plant in Tuscaloosa, Alabama. The company said it will build a new battery plant near the site in 2018, and that production of a Mercedes-Benz EQ electric SUV will begin “early next decade.” More than… Read more »
Electric school bus drivetrain builder ADOMANI raises $9 million in IPO
ADOMANI, a California-based provider of electric and hybrid drivetrain solutions, has completed a Regulation A common stock offering, and is now listed on NASDAQ under the ticker symbol ADOM. The initial offering yielded proceeds to the company of approximately $9.2 million. The market value of company crossed $1 billion, as its share price jumped 129%… Read more »
AK Steel receives $1.8-million DOE award to develop electrical steels for hybrids and EVs
Ohio-based AK Steel has won an award of up to $1.8 million from the DOE to develop a new generation of non-oriented electrical steels (NOES) for motors used in a variety of industrial and automotive applications, including hybrid and electric vehicles. The three-year project will be conducted in collaboration with Oak Ridge National Laboratory and… Read more »
Blue Bird awarded $4.4 million to develop electric school bus
Blue Bird buses are familiar to every American who has kids, or who ever attended school. The Georgia-based manufacturer (Nasdaq: BLBD) has built over 550,000 buses since its formation in 1927, and approximately 180,000 of its classic yellow buses are in operation today. Now the company has won a grant of $4.4 million from the… Read more »
Finnish electric powertrain company Visedo raises €20 million
Visedo, a Finnish manufacturer specializing in electric powertrains and components, has secured a financing package worth €20 million ($21 million) to support its international growth plans. Founded in 2009, Visedo specializes in electric powertrains and components for heavy-duty machinery, commercial vehicles and the marine industry. Its powertrains are suitable for hybrid and electric systems in… Read more »
DOE awards $18 million for plug-in work trucks, electric school buses and highway charging
The DOE has announced new awards of $18 million to five alternative fuel projects, four of them EV-related: Odyne Systems will receive $2.9 million to develop plug-in hybrid work trucks (class 7) that reduce fuel consumption by more than 50% and eliminate fuel consumption during stationary operations. Blue Bird Body Company will receive $4.9 million… Read more »
ADOMANI to sell Lion Bus electric school buses in Western US states
California-based ADOMANI and Quebec-based bus manufacturer Lion Bus have announced a new dealership relationship. ADOMANI will be the exclusive dealer of electric eLion buses in the states of Arizona, Idaho, Nevada, Oregon, Utah and Washington. The eLion TM4 electric motor provides equal power to the equivalent legacy diesel, and delivers a range of 50, 75… Read more »
