Press release
Accelera by Cummins, Daimler Truck and PACCAR form a joint venture to advance battery cell production in the United States
COLUMBUS, Ind. & PORTLAND, Ore. & BELLEVUE, Wash.--(BUSINESS WIRE)-- Accelera by Cummins, the zero-emissions business unit of Cummins Inc. [NYSE: CMI],
About this update from Paccar Inc.
[{"type":"text","content":" COLUMBUS, Ind. & PORTLAND, Ore. & BELLEVUE, Wash.--(BUSINESS WIRE)--\nAccelera by Cummins, the zero-emissions business unit of Cummins Inc. [NYSE: CMI], Daimler Trucks & Buses US Holding LLC (a Daimler Truck Group Company; DAX: DTR0CK; “Daimler Truck”) and PACCAR [NASDAQ: PCAR] are partnering to accelerate and localize battery cell production and the battery supply chain in the United States. The planned joint venture will manufacture battery cells for electric commercial vehicles and industrial applications, creating highly desirable U.S. manufacturing jobs in the growing clean technology sector. Total investment is expected to be in the range of $2-3 billion for the 21-gigawatt hour (GWh) factory.\n\n\nAccelera by Cummins, Daimler Truck and PACCAR will each own 30% of, and jointly control, the joint venture, which will initially focus on the lithium-iron-phosphate (LFP) battery technology family for commercial battery-electric trucks. The LFP battery cells produced by the joint venture will be able to offer several advantages compared to other battery chemistries, including lower cost, longer life, and enhanced safety, without the need for nickel and cobalt raw materials. Accelera by Cummins, Daimler Truck and PACCAR expect to see growing demand for battery technology throughout this decade and U.S. customers will benefit from a state-of-the-art dedicated battery cell factory. EVE Energy [SZSE:310004] will serve as the technology partner in the joint venture with 10% ownership and will contribute its industry-leading battery cell design and manufacturing know-how. EVE Energy is a global leader in the manufacture of LFP battery cells for the vehicle industry and is publicly traded on the Shenzhen stock exchange.\n\n\nThis strategic joint venture enables its owners to create the necessary scale for access to cost effective and differentiated battery cell technology, ultimately creating value for commercial vehicle customers in North America. “We have the responsibility to decarbonize in a way that is best for all of our stakeholders and the planet. This requires working closely with key partners. Today’s announcement reflects that action. Not only are we advancing a key technology solution for our customers, but accelerating the energy transition in the United States,” said Jennifer Rumsey, Cummins Chair and Chief Executive Off...