FPT Industrial signs memorandum of understanding with Microvast
Tuesday, November 19, 2019 5:12 PM
FPT Industrial, brand of CNH Industrial, dedicated to the design, production and sale of powertrains for on and off-road vehicles, marine and power generation applications, signed a memorandum of understanding foreseeing an industrial and commercial cooperation with Microvast, which will enable FPT Industrial to design and assemble in-house high-voltage battery packs, to be offered on CNH Industrial vehicles and to third-party customers.
“FPT Industrial is a recognized leader in alternative propulsion systems, and this agreement further prepares us for the challenges facing our industry,” said Hubertus Mühlhäuser, Chief Executive Officer, CNH Industrial. “In a fast-evolving sector, CNH Industrial is committed to entering into targeted partnerships to deliver advanced alternatives to traditional fuels, this accelerates our journey to a sustainable tomorrow.”
Additionally, as part of this cooperation, FPT Industrial will start a new e-platform to develop and industrialize complete electrified powertrain systems, customized and sized for specific missions, with the aim to guarantee the most efficient performances both for on-road and off-road applications.
“This collaboration sets a faster pace to our innovation journey”, states Annalisa Stupenengo, President Powertrain. “We are increasingly involved with the development of multiple power technologies and this agreement can strategically provide us with competitive advantages for our global operations.”
Conclusion of negotiations for the definitive agreements, including cooperation and license contracts, is expected by Q1 2020.
Microvast, based in Houston, Texas, U.S.A., is a market leader in the design, development and manufacturing of ultra-fast charging, long-life battery power systems with superior safety for electric vehicles.