ConMet, a provider of parts and components for commercial trucks and trailers, announced the acquisition of TruckLabs, a technology company focused on reducing carbon emissions and improving operational efficiencies for fleets.
ConMet said the acquisition is part of its 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.
ConMet reported TruckWings reduces drag, improves stability, and increases fuel efficiency by 3 to 6% – saving more than 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, ConMet said this strategic investment will enable continued growth and impact for TruckWings in reducing emissions in the commercial vehicle industry.
“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. ConMet said 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, the company said.
“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.
Subsidiary of ConMet
Under the terms of the agreement, TruckLabs became a wholly-owned subsidiary of ConMet. The acquisition was completed on Nov. 2. ConMet said both companies will work closely in the coming months to ensure a smooth transition for employees, customers, and partners.