American Axle (AXL) to Receive U.S. Department of Energy Cooperative Agreement for Electric Drive Technology

May 7, 2021 7:45 AM EDT

Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.

American Axle & Manufacturing Holdings, Inc. (AAM), (NYSE: AXL) will receive $5 million in funding from the U.S. Department of Energy to advance 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.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Corporate News, Management Comments