Cummins Inc. (NYSE:CMI) revealed an investment in Sion Power Corporation, a high-energy rechargeable battery technology developer. The financial terms were not disclosed.
- The investment provides Cummins with a minority stake in Sion Power.
- The parties agreed to design and supply battery cells for commercial vehicle applications based on their proprietary lithium metal technology.
- According to the agreement, Sion Power will engage in a multi-year development program to design and supply large-format lithium metal battery cells for use in Cummins battery packs.
- The batteries developed by Cummins will be integrated into its electric powertrains for commercial vehicles.
- Based on Sion Power’s lithium-metal anode technology and incorporating its patented manufacturing process, the cell provides a long-lasting rechargeable battery for Cummins’ demanding applications.
- Cummins held cash and cash equivalents of $2.59 billion as of October 3, 2021.
- Price Action: CMI shares are trading lower by 2.67% at $211.46 on the last check Tuesday.
