American Axle & Manufacturing Holdings, Inc. (AAM), (NYSE: AXL) will receive $5 million in funding from the U.S. Department of Energy to advance the development of its next-generation Electric Drive Technology.
The cooperative agreement from the Office of Energy Efficiency and Renewable Energy (EERE) on behalf of the Vehicle Technologies Office is funding research projects in advanced batteries and electrification; advanced engine and fuel technologies, including technologies for off-road applications and alternative-fueled engines; lightweight materials; new mobility technologies (energy-efficient mobility systems) and alternative fuels technology demonstrations.
AAM will use the cooperative agreement funding to further the development of a low-cost, high-performance, heavy rare earth-free 3-in-1 electric drive unit. AAM's 3-in-1 electric drive unit integrates power electronics with the electric motor and gearbox. This optimized design achieves industry-leading power density, performance and cost competitiveness.
"AAM is keenly focused on advancing innovations that further enhance the efficiency, performance, and affordability of battery electric and hybrid vehicles," said David C. Dauch, AAM Chairman and Chief Executive Officer. "We believe demand for sustainable propulsion systems will continue to grow in all vehicle segments. We are honored that the Department of Energy recognized the potential of AAM's electric drive technology to power a wide range of low and zero emission vehicle applications and look forward to advancing these developments with their support."
Electric Drive by AAM is a suite of innovative electric propulsion solutions that are scalable for all hybrid and battery electric vehicle segments from value-oriented mini vehicles to high-performance luxury crossovers/passenger cars and light trucks/SUVs. The systems leverage AAM's expertise in the design, engineering, analysis, testing and manufacturing of advanced driveline systems to engineer compact, quiet and efficient drive units that meet the most demanding customer requirements.
AAM was one of six Michigan projects to receive funding from the Department of Energy. AAM is working on the Electric Drive Technology at its Advanced Technology and Development Center on its World Headquarters Detroit campus.
About AAM
AAM (NYSE: AXL) delivers POWER that moves the world. As a leading global Tier 1 automotive supplier, AAM designs, engineers and manufactures driveline and metal forming technologies that are making the next generation of vehicles smarter, lighter, safer and more efficient. Headquartered in Detroit, AAM has approximately 20,000 associates operating at nearly 80 facilities in 17 countries to support our customers on global and regional platforms with a focus on quality, operational excellence and technology leadership. To learn more, visit aam.com.
Forward-Looking Statements
This release contains forward-looking statements and other information relating to matters that are not historical facts. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. These risks and uncertainties include uncertainty around the duration and effects of the COVID-19 pandemic, and the factors detailed from time to time in the reports we file with the SEC, including those described under "Risk Factors" in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. These forward-looking statements speak only as of the date of this report. We expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Source:-https://www.prnewswire.com/news-releases/aam-to-receive-us-department-of-energy-cooperative-agreement-for-electric-drive-technology-301286307.html
