Engine maker Cummins has joined forces with industry leaders Daimler Truck and Paccar in a groundbreaking endeavor to propel battery-cell production and revolutionize the battery supply chain in the United States.
With a combined investment of $2 billion to $3 billion, these companies are set to establish a joint venture aimed at manufacturing high-performance battery cells for electric commercial vehicles and industrial applications. Their ambitious plans include the creation of a massive 21-gigawatt-hour factory dedicated solely to this purpose.
The joint venture will see Cummins, Daimler Truck, and Paccar equally holding a 30% stake in the project. Specifically, the initial focus will be on harnessing the potential of the lithium-iron-phosphate battery-technology family for commercial battery-electric trucks. This technology promises lower costs and extended battery life when compared to alternative battery chemistries, all without relying on nickel and cobalt raw materials.
To further bolster this innovative collaboration, battery-cell manufacturer EVE Energy will serve as a valued technology partner, securing a 10% stake in the venture.
Undoubtedly, finding the perfect location for the manufacturing plant is crucial. The venture partners are diligently working behind the scenes and anticipate announcing the optimal site within the next six months.
Exciting times lie ahead as Cummins, Daimler Truck, Paccar, and EVE Energy unite their expertise and resources. Together, they are poised to unlock new frontiers in battery-cell production, ultimately shaping a more sustainable and efficient future for electric vehicles worldwide.
