ConMet Acquires TruckLabs, the Creator of TruckWings
VANCOUVER, Wash., November 7, 2023 (Newswire.com) - ConMet, a leading global provider of transformative parts and components for commercial trucks and trailers, today announced the acquisition of TruckLabs, a technology company focused on reducing carbon emissions and improving operational efficiencies for fleets.
The acquisition is part of ConMet’s 60-plus year commitment to designing, engineering, and manufacturing revolutionary technologies for heavy-duty commercial vehicles. TruckLabs is the maker of TruckWings™, a truck-mounted aerodynamic device that automatically deploys at highway speeds to close the gap between the back of the cab and front of the trailer. TruckWings reduces drag, improves stability, and increases fuel efficiency by 3%-6% — saving over 1,100 gallons of fuel and 15,000 pounds of carbon dioxide emissions for each diesel truck per year, or extending the range of electric and hydrogen vehicles.
Following the 250% year-over-year growth of TruckWings, this strategic investment by ConMet will enable continued growth and impact for TruckWings in reducing emissions in the commercial vehicle industry. Together, the team will help OEMs and fleets save money, meet climate goals, and achieve compliance with emissions standards.
“TruckLabs’ innovative TruckWings product is an ideal addition to ConMet’s portfolio,” said John Waters, President of ConMet. “Their technology – which has been proven through 750 million logged highway miles — aligns well with our goal of providing OEMs and fleets with forward-thinking, profitable solutions to improve fuel efficiency and reduce carbon emissions.”
Through TruckWings’ telematics technology, every mile is tracked to provide real-time reporting. The data shows the product has saved a total of 80 million pounds of carbon dioxide since its launch in 2015. Every TruckWings-equipped commercial vehicle is equivalent to removing two cars from the road. As the industry explores alternative fuels like electric and hydrogen, improved aerodynamics will play an ever more important role in addressing range extension and weight reduction.
“ConMet is the perfect partner to introduce our product to a wider customer base, and adds much-needed scale to our manufacturing capabilities,” said Daniel Burrows, founder and CEO of TruckLabs. “Together, my team and I are excited to join with ConMet to supercharge our impact on our customers’ fuel costs and climate goals.”
Under the terms of the agreement, TruckLabs will become a wholly owned subsidiary of ConMet. The acquisition was completed on Nov. 2, 2023. Both companies will work closely in the coming months to ensure a smooth transition for employees, customers, and partners.
ConMet, a division of Amsted Industries, is a leading global supplier of wheel hubs, aluminum castings, and structural plastics to original equipment manufacturers and aftermarket channels in the commercial vehicle industry. Founded in 1964, ConMet innovation has been critical in designing, engineering, and manufacturing revolutionary technologies for trucks and trailers. Today, ConMet products are standard equipment on most heavy-duty vehicles in North America and have a growing footprint worldwide.
Established in 2014, TruckLabs is a trucking technology company that creates intelligent solutions that make a positive impact on carbon reduction and drive operational efficiencies. Its flagship technology, TruckWings™, is a tractor-mounted, smart aerodynamic device that automatically closes the gap between cab and trailer to reduce drag, improve stability, and increase fuel efficiency. Founded out of Stanford University and funded by leading Silicon Valley venture firms including Blue Bear Capital, Calibrate Ventures, Uncork Capital, and Root Ventures, TruckLabs has won awards in several Department of Energy (DOE) competitions including the National CleanTech Award and CalTech’s FLoW competition.