RACINE, Wis. - The City of Racine is making strides in public transportation sustainability by incorporating Modine (NYSE:MOD) Manufacturing Company's (NYSE: MOD) EVantage Thermal Management Systems into its electric bus fleet. The system, designed to enhance the performance and longevity of zero-emission buses, is now a key component of nine electric vehicles (EVs) in operation, with up to four additional buses expected to join the fleet.
This initiative aligns with Racine's commitment to reducing its carbon footprint and is supported by funding from the Federal Transit Administration's Low or No Emission Vehicle Program. The inclusion of Modine's technology not only ensures compliance with the Buy America standard but also reinforces the city's goal of a more environmentally friendly public transit system.
Modine's EVantage system is engineered to maintain optimal inverter temperatures, crucial for the reliability and efficiency of the EVs across Racine's extensive transit network, which encompasses nearly 700 stops. The technology is particularly significant given the varying climatic conditions the buses encounter throughout the year.
Trevor Jung, Transit & Mobility Director at the City of Racine, lauded the partnership with Modine, emphasizing the improved service reliability and environmental benefits. "Modine's sophisticated thermal management system is essential for maintaining our transit program's smooth operation, reliability, and efficiency," Jung stated.
The collaboration with RYDE Racine is part of Modine's broader strategy to penetrate the EV market while promoting sustainable community initiatives. Modine's expertise in thermal management extends over a century, and its EVantage Thermal Management Systems are crafted to cater to a diverse range of medium- and heavy-duty zero-emission vehicles, including transit and school buses.
This report is based on a press release statement from Modine Manufacturing Company.
InvestingPro Insights
As Modine Manufacturing Company (NYSE: MOD) continues to spearhead sustainability in public transportation, the financial metrics from InvestingPro paint an intriguing picture of the company's market position. With a market capitalization of $5.25 billion and a Price/Earnings (P/E) ratio standing at 32.45, Modine is trading at a high earnings multiple. This indicates that investors may be expecting higher earnings growth in the future compared to the company's current earnings.
An InvestingPro Tip highlights that Modine has witnessed a large price uptick over the last six months, with a staggering 99.56% total return. This performance is a testament to the company's growth potential and investor confidence in its strategic direction, particularly in the electric vehicle (EV) thermal management sector, as evidenced by the Racine project.
Moreover, Modine's commitment to innovation and sustainability is further supported by its solid financials. The company has reported a revenue growth of 4.78% in the last twelve months as of Q4 2024, showcasing its ability to increase sales and potentially expand its market share in the burgeoning EV industry. Additionally, the company's liquid assets exceeding short-term obligations, as per another InvestingPro Tip, suggests a strong liquidity position, enabling it to meet its immediate financial obligations comfortably.
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