REDDITCH, England, July 20, 2023 /PRNewswire/ — Concentric has secured an important contract extension of 14 MSEK per year to supply EMP branded electric water pumps to a major OEM in the North American electric school bus segment. This win underscores the growing demand for the company’s highly-efficient electric water pump solutions, particularly in a market that is rapidly transitioning towards cleaner, electric transportation. This announcement comes amid rising interest in electrification, part of the Concentric’s targets, as set out in our recent Capital Markets Day, where the electric bus segment was identified as a key growth area.
The team at Concentric is proud to be at the forefront of this transition, contributing our state-of-the-art technology to help achieve sustainability targets while improving transportation efficiency across North America. This opportunity is further enhanced by ongoing government incentives aimed at promoting clean energy and reducing greenhouse gas emissions. These initiatives are creating a favorable environment for the adoption of electric vehicles, including buses, reinforcing Concentric’s strategic positioning in the market. According to a report published by Allied Market Research, the global electric bus market was estimated at $35.3 billion in 2021 and is expected to hit $439.7 billion by 2031, registering a CAGR of 29.5% from 2022 to 2031.
“We believe that the partnership with this strategic customer solidifies our technology leadership position in this rapidly growing sector and ensures we continue to contribute towards a greener, more sustainable future for Concentric, our customers and society.”, says Martin Kunz, President & CEO Concentric AB.
For further information, please contact:
Lynne McCarthy (Media Contact) at
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E-mail: [email protected]
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SOURCE Concentric AB
