DETROIT, May 7, 2021 /PRNewswire/ -- 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.
About AAM
AAM (NYSE: AXL) delivers POWER that moves the world. As a
leading global Tier 1 automotive supplier, AAM designs, engineers
and manufactures driveline and metal forming technologies that are
making the next generation of vehicles smarter, lighter, safer and
more efficient. Headquartered in Detroit, AAM has approximately 20,000
associates operating at nearly 80 facilities in 17 countries to
support our customers on global and regional platforms with a focus
on quality, operational excellence and technology leadership. To
learn more, visit aam.com.
Forward-Looking Statements
This release contains forward-looking statements and other
information relating to matters that are not historical facts.
These forward-looking statements involve certain risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by these statements. These risks
and uncertainties include uncertainty around the duration and
effects of the COVID-19 pandemic, and the factors detailed from
time to time in the reports we file with the SEC, including those
described under "Risk Factors" in our Annual Report on Form 10-K
and our Quarterly Reports on Form 10-Q. These forward-looking
statements speak only as of the date of this report. We expressly
disclaim any obligation or undertaking to disseminate any updates
or revisions to any forward-looking statement contained herein to
reflect any change in our expectations with regard thereto or any
change in events, conditions or circumstances on which any such
statement is based.
Media Contact
Christopher M. Son
Vice President, Marketing & Communications
(313) 758-4814
chris.son@aam.com
Investor Contact
David H. Lim
Head of Investor
Relations
(313) 758-2006
david.lim@aam.com
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SOURCE American Axle & Manufacturing Holdings, Inc.