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Turin, Italy, 9th May/Phoenix, AZ, USA, 8th May 2023. Iveco Group N.V. (MI: IVG) and Nikola Corporation (NASDAQ: NKLA) announce today that they are excited to enter a new phase of their partnership, which started in 2019 and has so far met all milestones to leverage the respective expertise to deploy zero-emission heavy-duty (Class 8) trucks in North America and Europe. The two companies worked jointly at a steady pace, despite Covid-19 and supply chain challenges, to achieve the outcomes of the previous phase, launching Battery Electric Vehicles (BEV) and Fuel Cell Electric Vehicles (FCEV) for regional and long haulage. Each company is now eager to sharpen its own focus on heavy-duty transport. Iveco Group will concentrate on Europe for the further development and commercialisation of its own battery electric and fuel cell electric trucks, which includes rolling out its financing business model GATE, and Nikola will focus its operations in North America, with an integrated approach to its customers, offering BEV, FCEV and hydrogen infrastructure via its HYLA brand. Iveco Group will assume full ownership of the joint venture in Ulm, Germany. Also, Iveco Group will be licensed to freely access and continue developing vehicle control software for the jointly developed BEV and FCEV. Nikola will be granted the IVECO S-Way technology license for North America and related component supply from Iveco Group, and will gain joint ownership of the intellectual property of Generation 1 eAxles, technology developed together with Iveco Group’s powertrain brand, FPT Industrial. Iveco Group will cover the capital outlay related to this new phase of collaboration through its available liquidity, acquiring the above-named items partially in cash (USD 35 million) and partially in Nikola shares (20 million of shares). Despite the negative cash impact generated, Iveco Group forecasts to absorb it with cash flow generation and therefore this does not change its cash flow target for 2023; it will also retain a meaningful amount of Nikola shares. Iveco Group and Nikola will continue to work towards the same ultimate goal: to lead the energy transition to the future of mobility. The above-mentioned provisions are subject to all applicable regulatory approvals and preparation of definitive agreements to more fully implement the terms of the binding terms sheet between the companies. Iveco Group N.V. (MI: IVG) is the home of unique people and brands that power your business and mission to advance a more sustainable society. The eight brands are each a major force in its specific business: IVECO, a pioneering commercial vehicles brand that designs, manufactures, and markets heavy, medium, and light-duty trucks; FPT Industrial, a global leader in a vast array of advanced powertrain technologies in the agriculture, construction, marine, power generation, and commercial vehicles sectors; IVECO BUS and HEULIEZ, mass-transit and premium bus and coach brands; IDV, for highly specialised defence and civil protection equipment; ASTRA, a leader in large-scale heavy-duty quarry and construction vehicles; MAGIRUS, the industry-reputed firefighting vehicle and equipment manufacturer; and IVECO CAPITAL, the financing arm which supports them all. Iveco Group employs more than 35,000 people around the world and has 20 industrial sites and 29 R&D centres. Further information is available on the Company’s website www.ivecogroup.com Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero-emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure, Nikola is driven to revolutionize the economic and environmental impact of commerce as we know it today. Founded in 2015, Nikola Corporation is headquartered in Phoenix, Arizona. For more information, visit www.nikolamotor.com or Twitter @nikolamotor. Forward Looking Statements Certain statements included in this press release that are not historical facts are forward-looking statements. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the focus and strategy of each of Iveco Group and Nikola; expectations relating to the ownership of the joint venture, intellectual property and licenses; expectations related to ownership of Nikola shares; the belief that Iveco Group will absorb costs related to changes to the joint venture. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the parties’ management teams. We cannot assure you that forward looking statements will be achieved, and forward-looking statements are not predictions of actual performance. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to: the deployment of the terms sheet through execution of definitive documentation between the parties; design and manufacturing changes, challenges and delays; changes in vehicle specifications; economic, financial, legal, supply chain, regulatory, political and business conditions and changes in domestic and foreign markets; potential challenges arising from COVID-19; the outcome of legal, regulatory and judicial proceedings to which each of the parties is, or may become a party; demand for and customer acceptance of BEV and FCEV trucks; risks associated with development and testing of battery storage systems, e-axels, fuel cell power modules and hydrogen storage systems; risks related to the rollout of the parties’ business and the timing of expected business milestones, including delivery of BEV and FCEV trucks for sale; the effects of competition on future business; the availability of capital; and the other risks detailed from time to time in the reports and other documents each of the parties filed with the relevant authorities (such as the US Securities and Exchange Commission, the Netherlands Authority for the Financial Markets – AFM, the Italian Commissione Nazionale per le Società e la Borsa), pursuant to applicable rules. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and each of Nikola and Iveco Group specifically disclaims any obligation to update these forward-looking statements. Iveco Group Media Contacts: Francesco Polsinelli, Tel: +39 335 1776091 Fabio Lepore, Tel: +39 335 7469007 E-mail: mediarelations@ivecogroup.com Nikola Media Contact: press@nikolamotor.com
Polestar, Toyota, Marelli, and others among winners creating a more sustainable, lightweight future TROY, Mich., Aug. 1, 2023 /PRNewswire/ -- Altair (Nasdaq: ALTR), a global leader in computational science and artificial intelligence (AI) has named the winners of the 2023 Altair Enlighten Award. Presented in association with the Center for Automotive Research (CAR), the Altair Enlighten Award honors the greatest sustainability and lightweighting advancements that successfully reduce carbon footprint, mitigate water and energy consumption, and leverage material reuse and recycling efforts. Polestar won the 2022 Altair Enlighten Award for its 2024 Polestar 2, which features next-generation electric motors, quicker charging, greater efficiency, and longer range. It also boasts a reduced carbon footprint, with some versions now producing up to three tons less carbon dioxide compared to the launch version released in 2020. "The Altair Enlighten Award is a special award that showcases how the automotive industry's leading minds – from the biggest names to its newest startups – are applying advanced technologies and responsible AI to create a better, greener industry," said James R. Scapa, founder, and chief executive officer, Altair. "Lightweighting, optimization, and sustainability are more important than ever in the modern automotive industry. Altair is proud to honor the innovations that will drive the future of a sustainable industry." "As always, we're honored to be presenting the Enlighten Award together with Altair, and we look forward to seeing what innovations this year's submissions bring as we work towards a more sustainable automotive ecosystem," said Alan Amici, president, and chief executive officer, Center for Automotive Research. The complete list of all winning organizations, runners-up, and honorable mentions are below. Sustainable Product Winner (Passenger Vehicle): Polestar – Polestar 2 MY24 The 2024 Polestar 2 features next-generation electric motors, quicker charging, greater efficiency, and longer range — now up to 654 kilometers as measured by the Worldwide Harmonized Light Vehicle Test Procedure (WLTP). Despite the significant increases to performance, range, and efficiency, the Polestar 2 also boasts a reduced carbon footprint, with some versions now producing up to three tons less carbon dioxide compared to the launch version released in 2020. In addition, Polestar uses blockchain technology within its supply chain to expand raw material traceability and address social and environmental issues. Winner (Class 8): Nikola Corporation – Nikola Tre FCEV When developing the new Nikola Tre FCEV, Nikola emphasized recycling – 100% of car scrap produced in the production of pre-consumer batteries was recycled and/or reused, and 100% of hazardous waste produced during production was safely recycled. Nikola also implemented a circular reuse program for all battery pallets, and the vehicle manufacturing process consumed no water. Runner-up: Lucid Motors – Lucid Air Sedan California-based EV manufacturer Lucid Air has launched its flagship Lucid Air sedan, which has broken industry records for range, charging speeds, aerodynamics, and performance. The Lucid Air lineup — with its core technology designed and engineered completely in-house — can add 300 miles of range in just 22 minutes of charge, carries an industry-leading aerodynamic drag coefficient of 0.197, and includes trims with an EPA-estimated range of up to 516 miles and mileage efficiency of 4.6 miles per kilowatt-hour. Sustainable Process Winner: ArcelorMittal – Use of Biomass for Carbon-Neutral Steelmaking The ArcelorMittal Port-Cartier pellet plant became the first in the world to substitute pyrolytic oil for heavy fuel oil on a continuous basis. By using this biofuel, produced locally by BioÉnergie AE Côte-Nord Canada, ArcelorMittal not only reduces its emissions but builds a true regional energy ecosystem by uniting the two great resources of the Côte-Nord region, iron and forest. Runner-up: Brose Antriebstechnik GmbH, Co. Kommanditgesellschaft, Berlin – Reman-Drive - Remanufactured E-Bike Drive Brose introduced a remanufactured, lower-cost drive that saves 21 kilograms (46.2 pounds) of carbon emissions per unit, while maintaining quality standards. The process recovers and restores previously sold, worn-out, or non-functional products to "like new" conditions and saves material, costs, and carbon emissions. Honorable Mention: Kasai Kogyo Co. Ltd. – Kasai Hi-Papia, Kasai Original Sustainable Material Kasai Hi-Papia (KHP) is composed of 100% recycled polypropylene (PP), polyethylene terephthalate (PET), and pure talc. In addition, material scrap from the KHP manufacturing process is reused. KHP has helped spread the recycling plastic market and reduce the amount of material needed by fabric manufacturers. KHP's adaptable production system enables higher flexibility to support different recyclable plastic contents in various regions. Responsible AI Winner: Volteras – A Novel Way to Connect the Electric Vehicle Ecosystem Volteras's API gives businesses access to electric vehicle (EV) ecosystem data with a two-week integration that would take organizations years to integrate otherwise. Its products allow organizations to reduce energy waste and emissions, better manage EV fleets, optimize charging across home chargers using its smart charging algorithms, and more. Enabling Technology Winner: Toyota, BASF Corp, and US Farathane – World's First Adoption of Resin Frame for IsoDynamic Seat Toyota converted more than 17 multi-piece steel parts into just one molded part, thus using far less raw material and decreasing waste. In addition, the process also generated an estimated 20% cost reduction and a 30% weight reduction. In addition, this is the world's first adoption of lateral, vertical, and horizontal dynamic motions with adjustable dampers for the driver and passenger seats in off-road vehicles. Runner-up: NIO – HPDC Material and Processing Methods for Efficient Structural Design With the goal of minimizing environmental impact, NIO used a new alloy material that doesn't require heat treatment, and used a more accurate, more efficient laser cleaning process. These changes reduced part mass by 31%, reduced part count by 98% (turning 54 stamped parts to one), and slashed manufacturing time by 60%. Module Lightweighting Winner: Toyota, Adient, and Multimatic – IsoDynamic Seat, Accra® SuperStructure Multimatic's Accra® technology is a high-volume, hot-form manufacturing process that uses form blow hardening (including rapid water quenching) to manufacture ultra-high strength (boron) steel. Thanks to these production adjustments, the process reduced mass by 17%, reduced packaging space by 40%, and increased torsional load strength in key areas by 30%. Runner-up: Nemak – BMW HPDC E-Bracket Nemak developed a new alloy material for high-pressure die casting (HPDC) and reduced the BMW E-bracket's overall weight by 30%, resulting in a final weight of 16.74 kilograms (36.9 pounds). Future of Lightweighting Winner: Marelli – Lightweight Urethane for Interior Products Marelli developed a new lightweight polyurethane foam that can be applied to all foam-in-place (FIP) applications, particularly the main dashboard panel. It reduces part mass by 40% with new tooling, 8% from current tooling, and reduces volatile organic compounds (VOCs) by 80% compared to the current polyurethane foam in use – all while retaining a high-quality feel and appearance. Runner-up: Solvay Specialty Polymers – Ajedium™ PEEK Slot Liners Ajedium™ PEEK slot liners can reduce battery pack weight by 12 kilograms (36.4 pounds) and the e-motor size by 4 kilograms (8.8 pounds). Additionally, there's no requirement for high-power dedusting equipment or climate-controlled storage to prevent moisture uptake – which reduces energy consumption – since PEEK slot liners can be inserted via existing equipment. The reduction in aluminum casting motors uses less energy and material than before. Honorable Mention: WorldAutoSteel, Ricardo plc – Steel Body Structures for Fully Autonomous Vehicles As the world's first autonomous vehicle constructed to fulfill the most stringent crash requirements, WorldAutoSteel and engineering partner Ricardo developed this concept vehicle that features a 282-kilogram (621.7-pound) body structure, and a 25% mass reduction over an expected reference vehicle. It also has the potential to reduce total lifecycle carbon emissions by 86%, which will help meet global net-zero goals. Honorable Mention: Michigan Technological University for Auto/Steel Partnership – Steel E-Motive Side Closure Mechanism By developing this mechanism using advanced high-strength steel (AHSS) instead of aluminum, there is the potential to reduce carbon emissions by 3x while also reducing manufacturing costs. The Enlighten Award winners will be announced in an awards ceremony at the CAR Management Briefing Seminars on August 1, 2023, at 7:30 a.m. ET. For more information about the Enlighten Award, visit https://altair.com/enlighten-award. Partners for the 2023 Enlighten Award include Automotive Engineering SAE, Tech Briefs, Auto Bild Japan, Automobile Industrie, and the Korean Society of Automotive Engineers (KSAE). About Altair Altair is a global leader in computational science and artificial intelligence (AI) that provides software and cloud solutions in simulation, high-performance computing (HPC), data analytics, and AI. Altair enables organizations across all industries to compete more effectively and drive smarter decisions in an increasingly connected world – all while creating a greener, more sustainable future. For more information, visit https://www.altair.com/. Media contacts Altair Corporate Altair Investor Relations Jennifer Ristic Monica Gould, The Blueshirt Group +1.216.849.3109 +1 212.871.3927 corp-newsroom@altair.com ir@altair.com Altair Europe/The Middle East/Africa Charlotte Hartmann +49 7031 6208 0 emea-newsroom@altair.com The Altair Enlighten Award honors the greatest sustainability and lightweighting advancements that successfully reduce carbon footprint, mitigate water and energy consumption, and leverage material reuse and recycling efforts. Nikola Corporation won the 2022 Altair Enlighten Award for the Nikola Tre FCEV. 100% of the car scrap produced in the production of pre-consumer batteries was recycled and/or reused, and 100% of hazardous waste produced during production was safely recycled. Nikola also implemented a circular reuse program for all battery pallets, and the vehicle manufacturing process consumed no water.
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