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COINTURK FINANCE > Startup > MMI Secures €7.7M Funding for Electric Buses
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MMI Secures €7.7M Funding for Electric Buses

Overview

  • MMI secures €7.7M funding from Vinci S.A.

  • Funding targets development of electric and hydrogen buses.

  • MMI aims to expand market presence in Poland and Western Europe.

COINTURK FINANCE
COINTURK FINANCE 1 year ago
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MMI, a Polish bus manufacturer, has secured €7.7 million in funding from Vinci S.A. The investment will be allocated to developing electric buses with different configurations and enhancing zero-emission technologies. The company aims to broaden its market presence in Poland and Western Europe by introducing their own designs and expanding production capacity. This initiative is a significant step toward reducing greenhouse gas emissions in urban transport.

Contents
European Green Deal TargetsTechnological Advancements

Recent reports highlight MMI’s ongoing focus on innovation, particularly in sustainable transport solutions. MMI had previously concentrated on diesel and compressed natural gas-powered vehicles, but the new funding marks a shift toward zero-emission technology. Unlike prior phases, which involved smaller-scale production, the current plans include a significant expansion in output and technology advancements. Additionally, the new project will place MMI among the few European manufacturers of hydrogen fuel cell minibuses, showing a broader commitment to sustainable transportation solutions.

Transport, especially public transport, remains crucial for daily commutes, shopping, and social activities. Diesel buses, commonly used in city centers, contribute significantly to environmental pollution and smog. According to the European Commission, heavy-duty vehicles, including city buses, are responsible for over 6% of the EU’s total greenhouse gas emissions and over 25% of CO2 emissions in road transport.

European Green Deal Targets

In February 2024, the European Commission announced a new target to reduce net greenhouse gas emissions by 90% by 2040 compared to 1990 levels. This ambitious goal aims for climate neutrality by 2050. A major proposal involves requiring all new city buses to be zero-emission by 2030, aligning with the European Green Deal. Despite the increasing use of electric and hybrid buses in large cities, challenges persist in less populated areas and smaller towns. MMI’s shift to zero-emission vehicles addresses these challenges head-on.

Technological Advancements

MMI plans to use the funding to develop small and medium-sized electric buses, including hydrogen fuel cell models, in low-entry, low-floor, and standard-floor variants. The company is working on zero-emission drive technology and innovative chassis and body designs. CEO Stanisław Zdrojewski commented on their strategy, stating,

“Our goal is to create buses with the lowest possible curb weight to maximize their range.”

This initiative includes developing a skeletal-laminate body structure, reducing weight compared to traditional frames.

MMI also plans to incorporate synchronous motors into the wheel hubs, simplifying power transmission and increasing efficiency. Additional steps include developing hydrogen fuel cell buses and constructing a new production hall to double current output. Technological advancements and new vehicle types will strengthen MMI’s market position in Poland and expand operations in Western Europe, including Italy, France, Germany, Switzerland, and Scandinavia.

Piotr Woliński, CEO of Vinci S.A., emphasized the alignment of MMI’s development schedule with market demands and EU regulations, noting,

“MMI’s electric minibuses will be among the few of their kind produced in Europe.”

This alignment positions MMI to compete effectively on an international scale, especially in the innovative field of hydrogen fuel cell minibuses.

MMI’s commitment to developing zero-emission buses represents a significant advancement in sustainable urban transport. By integrating cutting-edge technology and expanding their production capabilities, MMI is well-positioned to meet the growing demand for environmentally friendly public transport solutions. This strategic shift supports broader EU goals and addresses critical transportation challenges in less populated areas.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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