Dallas, Texas 10/15/2013 (Financialstrend) – On October 14, Ford Motor Company (NYSE:F) in a joint communique with University of Michigan has announced that they are establishing a “battery research and manufacturing lab” which will be geared towards furthering the research and development of new generation batteries. The $67.29 billion market capitalized car maker is hoping to leverage the research and development findings in its quest for developing commercially viable electric and hybrid cars.
This research and development center will be based out of the University of Michigan’s Arbor campus. As part of its activities, this center endowers to bring on a common platform various battery makers, new energy researchers and established car makers to experiment with new batteries on yet to be released models of vehicles.
As per Ted Miller who heads the battery research division of the car maker, this initiative will help both the battery makers and the automobile industry in determining whether new batteries being designed are compatible for commercial usage in the new models of vehicles. Ted indicated that currently this battery testing happens in house at Ford. He also indicated that this new center will help Ford give feedback on the batteries early in their development cycle thus saving the battery manufacturing company’s time and money in costly reworks later.
Analysts believe that Ford is funding this project so that it can effectively tap into new fuel technologies to manufacture its own electric powered and hybrid cars eventually. This is because, Ford does not want to fall too far behind new generation electric car makers like the China based Tesla which has recorded double digit growth in electric car sales over the past four quarters.
Ford has contributed $2.1 million while University has pooled in $0.9 million of the total $8 million fund put together to run this project. Mark Barteau, who is the director of Michigan’s Energy Institute has been quoted as saying “This is open innovation.”
This report is for information purposes only, and is neither a solicitation or recommendation to buy nor an offer to sell securities. Financials Trend is not-a-registered-investment-advisor. Financials Trend is not a broker-dealer. Information, opinions and analysis contained herein are based on sources believed to be reliable, but no representation, expressed or implied, is made as to its accuracy, completeness or correctness. The opinions contained herein reflect our current judgment and are subject to change without notice. Financials Trend accepts no liability for any losses arising from an investor's reliance on the use of this material. Financials Trend sometimes gets compensated up to one hundred and fifty thousand dollars per month for featuring particular stocks. See site disclaimer for complete compensation. Financials Trend and its affiliates or officers currently hold no shares of these stocks. Financials Trend and its affiliates or officers will purchase and sell shares of common stock of these stocks, in the open market at any time without notice. Financials Trend will not update its purchases and sales of these stocks in any future postings on Financials Trend's websites. Certain information included herein is forward-looking within the context of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements concerning manufacturing, marketing, growth, and expansion. The words "may", "would," "will," "expect," "estimate," "anticipate," "believe," "intend," " project," and similar expressions and variations thereof are intended to identify for ward-looking statements. Such forward- looking information involves important risks and uncertainties that could affect actual results and cause them to differ materially from expectations expressed herein. *Financials Trend does not set price targets on securities. Never invest into a stock discussed on this web site or in this email alert unless you can afford to lose your entire investment.