Concentric AB wins a contract to supply the electro hydraulic steering system (EHS) to a company in North America for electrified trucks
Concentric AB has secured a significant contract with a North American OEM supplier for its Electro-Hydraulic Steering (EHS) system, specifically designed for medium-duty electric trucks. The contract is expected to generate sales revenues of MSEK 185 over five years, commencing production in 2021. The growing demand for electric commercial vehicles, driven by local regulations, underscores the importance of this nomination. Concentric's EHS system is recognized for its reliability and efficiency, making it a preferred choice among OEMs transitioning to electric platforms.
- Secured a contract with a North American OEM supplier for the EHS system, expected to generate MSEK 185 in revenue over five years.
- Growing demand for electric vehicles presents long-term growth opportunities for the company.
- None.
SKÅNES FAGERHULT, Sweden, June 2, 2021 /PRNewswire/ -- Concentric AB announces another important nomination with a North American OEM-supplier for its EHS system used on a new range of medium-duty battery electric trucks. This OEM is only developing medium and heavy-duty electric trucks used in the last mile and return to base segments. Production will start in 2021 supplying e-pumps for their medium-duty trucks and sales revenues from this new contract are estimated to be worth MSEK 185 over the next five years.
As local city regulations drive increased demand for electric commercial vehicles, these EHS customer nominations become increasingly important in a sector that presents exciting long-term growth opportunities.
Concentric's EHS system has been designed, developed and tested over many years for use globally in a range of on-road and off-road commercial vehicles. The EHS system is proven to operate in harsh environments and has won production nominations with established OEMs entering the electric vehicle market, who require e-pump expertise to replace their hydraulic steering pumps previously driven by a conventional internal combustion engine. New OEMs producing only electric vehicles nominate Concentric's EHS system because the e-pump is a proven solution manufactured by company with deep knowledge and experience in transportation markets.
David Woolley, CEO & President of Concentric AB commented, "Electrification of the commercial vehicle market presents exciting long-term opportunities as the EHS system can be used on both hybrid and fully electric platforms, battery electric or fuel cell, reducing energy consumption by utilising "power on demand" technology. These new orders are further examples of how we are successfully broadening our e-pump product offering to new applications in the medium and heavy-duty truck market becoming the supplier of choice."
For additional information please contact David Woolley, telephone +44-121-445 6545
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SOURCE Concentric AB
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