Benzinga | Oct 21, 2021 02:46PM EDT

BorgWarner Secures $4.97M US DOE Award For High Power-Dense Inverter

* BorgWarner Inc (NYSE:BWA) has received a $4.97 million award from the U.S. Department of Energy (DOE) for the development of a Scalable Ultra Power-dense Extended Range (SUPER) inverter.

* The research and development project is one of 24 university and industry-led projects that collectively were awarded $60 million to reduce CO2 emissions from the transportation sector.

* BorgWarner is leading the 39-month project and will work with Infineon Technologies Americas Corp, PolyCharge America Inc, the National Renewable Energy Laboratory, and Virginia Tech.

* The project will develop an advanced inverter with the intent of enabling 800-volt electrified vehicles to meet the DOE solicitation target of 100kW per liter of power density.

* Price Action: BWA shares are trading higher by 0.36% at $45.95 on the last check Thursday.