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Honeywell (HON), Nexceris Expand Partnership on EV Safety

Honeywell International HON has expanded its partnership with Li-ion Tamer lithium-ion gas detection solutions developer, Nexceris, to enhance the safety of electric vehicles (EVs). The two companies will develop sensor-based solutions to prevent thermal runaway in EV batteries, which can cause fire due to extremely high temperatures within the battery cell.

With automakers rapidly transitioning to EVs as part of their sustainability initiatives, the safety of these vehicles is imperative. There is also growing demand for EVs, which doubled in 2021 from the previous year to nearly 7 million, per a statement released by HON.

Although rarely, the lithium-ion batteries that most EVs use can sometimes cause fire, risking lives. As part of the collaboration, Nexceris will develop an enhanced suite of battery monitoring sensors. This will help automotive manufacturers strengthen their battery health monitoring systems through early detection of thermal runaway conditions. HON’s battery sensors and gas detection monitoring portfolio and manufacturing expertise will help alleviate risks of thermal runaway.

Honeywell International Inc. Price

 

Honeywell International Inc. Price
Honeywell International Inc. Price

Honeywell International Inc. price | Honeywell International Inc. Quote


 

Honeywell and Nexceris will team up with global vehicle manufacturers to supply them with advanced gas detection solutions in EV battery packs. This would allow for early intervention in case any risk arises from the lithium-ion batteries in EVs.

Back in 2020, Honeywell and Nexceris partnered to address safety concerns in lithium-ion battery system for energy storage applications. Honeywell's early warning smoke detection and Li-ion Tamer's leading off-gas detection technology helped cater to the safety issues.

Zacks Rank & Key Picks

Honeywell carries a Zacks Rank #3 (Hold).

Some better-ranked stocks worth considering are as follows:

Applied Industrial Technologies, Inc. AIT presently sports a Zacks Rank #1 (Strong Buy). AIT delivered a trailing four-quarter earnings surprise of 24.8%, on average. You can see the complete list of today’s Zacks #1 Rank stocks.

Applied Industrial has an estimated earnings growth rate of 14.3% for the current fiscal year. The stock has gained 23% in the past six months.

Parker-Hannifin Corporation PH currently carries a Zacks Rank of 2 (Buy). PH pulled off a trailing four-quarter earnings surprise of 11.3%, on average.

Parker-Hannifin has an estimated earnings growth rate of 2.2% for the current fiscal year. Shares of PH have rallied 7% in the past six months.

IDEX Corporation IEX presently carries a Zacks Rank #2. The company pulled off a trailing four-quarter earnings surprise of 5.7%, on average.

IDEX has an estimated earnings growth rate of 28.3% and 6.1% for the current and next years, respectively. The stock has rallied 24% in the past six months.

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Honeywell International Inc. (HON) : Free Stock Analysis Report

ParkerHannifin Corporation (PH) : Free Stock Analysis Report

Applied Industrial Technologies, Inc. (AIT) : Free Stock Analysis Report

IDEX Corporation (IEX) : Free Stock Analysis Report

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