The United Kingdom government has awarded EV component manufacturer AVID Technology and construction machinery giant Caterpillar €33 million (about $41.7 million) to develop fully electric construction machinery. The funding, which is made possible by the UK’s Advanced Propulsion Centre, will benefit 32 companies and create 2,230 jobs, according to a government statement. Ian Constance, Chief… Read more »
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Electric marine propulsion system can save $1.7 million in fuel costs annually
An independent study for ABB by marine consultancy Deltamarin has found that the ABB Azipod electric propulsion system for ferries could save up to $1.7 million in annual fuel costs per vessel. By simulating a transit on seven existing ferry routes, researchers found that a ferry equipped with twin 10 MW mid-power range Azipod units… Read more »
Proterra and Mitsui create $200-million credit to scale battery leasing program for electric buses
Electric bus manufacturer Proterra has partnered with Japanese conglomerate Mitsui to create a $200-million credit to scale up Proterra’s battery leasing program. Proterra customers will be able to purchase an electric bus and lease the batteries over the 12-year lifetime of the bus. Through the battery lease, Proterra says the initial capital expense for the… Read more »
Linear Labs raises $4.5 million to market its electric motor
Electric motor manufacturer Linear Labs has closed a $4.5-million funding round to market its flagship motor, the Hunstable Electric Turbine. The Hunstable Electric Turbine uses multiple rotors. Compared to available permanent magnet motors, Linear Labs’s motor produces twice the torque, three times the power density, two times the output and 10 percent further range, according… Read more »
Lion launches Class 8 urban electric truck
Québec-based EV manufacturer The Lion Electric Company has launched an electric Class 8 urban truck, the Lion8. The truck, funded in part by the Québec government’s Climate Change Action Plan, will be commercialized this fall. The Lion8 will have a range of 250 miles, and was designed for North American weather and road conditions. The… Read more »
Infinitum Electric secures $1.8 million in funding for efficient HVAC motor technology
Infinitum Electric, a developer of electric motors, has closed a $1.8 million Series A financing round, bringing its total funding to $2.7 million. The company says it will use the funding to launch an HVAC-specific, fully-integrated motor and increase research and development efforts for applications in the EVs and Oil and Gas markets. Infinitum credits… Read more »
Electric truck maker Workhorse secures $35 million in new financing, works with Duke on battery leasing program
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 »
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 »