Cummins Acquisition ‘Accelerates’ Electrification Ambition
Columbus-based Cummins Inc. (NYSE: CMI) is continuing its drive to become a world leader in electrified power technology. Electrified Power Business Unit Executive Director Julie Furber says Monday’s acquisition of Efficient Drivetrains Inc., a fully-electric and hybrid commercial vehicle business in the Silicon Valley, is part of an expected $500 million investment over the next three years in electrification technology.
In an interview with Inside INdiana Business, Furber says the markets of the future demand diverse engine power sources. "Our aim is to expand our overall capability across all the facets of the electrified power train and I think having depth of capability is one of the things that has made Cummins successful in our more traditional diesel and natural gas businesses," she said. "I think we’re trying to emulate that in our electrified power business."
In addition to the technology that will come with the acquisition, Furber says Cummins will benefit from the knowledge and expertise of some 60 EDI employees, the company’s two California facilities, a growing customer base and what she says is proven, "best in class" commercial capability. The high-tech company’s portfolio has racked up over six million miles from hybrid-electric fleet vehicles in the United States and China. Cummins says the EDI line will provide it with "a more immediate ability to grow market share."
In addition to existing markets like public transportation and forklifts, Furber says the coming decade will open the door for advancements in electrification in industries from construction to off-highway vehicles to school buses. EDI’s drivetrain portfolio powers types of vehicles including light-duty passenger and commercial fleet vehicles, medium-duty commercial fleet vehicles and heavy-duty commercial fleet vehicles.
Furber says over time, the EDI technology will carry the Cummins name. You can connect to more about the acquisition by clicking here.
Cummins Inc. Electrified Power Business Unit Executive Director Julie Furber says the markets of the future demand diverse engine power sources.