GOTHENBURG, Sweden, May 17, 2023 - SKF and Wolong Group, the Chinese global manufacturer of motor and drive solutions, have signed a memorandum of understanding to explore the possibilities of entering a strategic cooperation focused on the promotion and application of magnetic bearing technology. By bringing more competitive electric drive products within high-speed drive control to the market, the companies strive to reduce costs and increase efficiency for customers as well as to ensure a sustainable development of the industry.

Promoted by the application of magnetic bearing technology, high-speed drive products can increase the efficiency of high-speed direct drive systems by 30-50% compared to traditional drive control systems. Magnetic bearings are also free of lubrication, easy to maintain, with high reliability, which further improves the system efficiency and greatly reduces the life cycle cost of equipment.

Driven by China's dual carbon goal and to pursue a more sustainable development, magnetic levitation high-speed motors have become increasingly favored for rotating equipment. With low mechanical wear, low energy consumption, low noise, and long service life, magnetic levitation high-speed motors are particularly suitable for special environments such as high-speed, vacuum, and ultra clean environments. These motors are for example used in petroleum, chemical engineering, steel, coal, cement, transportation, automotive, textile, and the power energy industry.

Thomas Fröst, President, Independent and Emerging Businesses, at SKF, says: "The high-speed magnetic levitation motor market has broad development opportunities. By exploring a cooperation with Wolong Group, we will be able to provide customers with more competitive products and services, while further expanding the application of magnetic levitation high-speed drive control products."

Douglas Pang, Chairman of Wolong Electric Group, says: "We attach great importance to our cooperation with SKF. Our cooperation in the high-speed magnetic levitation project can complement each other's advantages, significantly improve energy efficiency, and reduce carbon emissions. Our ambition is to provide the market with new magnetic levitation high-speed motors while contributing to a sustainable development."

Aktiebolaget SKF
(publ)

For further information, please contact:

PRESS:
Carl Bjernstam, Acting SKF Media & Press Director
Tel: 46 31-337 2517; mobile: 46 722-201 893; e-mail: carl.bjernstam@skf.com

INVESTOR RELATIONS:
Patrik Stenberg, Head of Investor Relations
Tel: 46 31-337 2104; mobile: 46 705-472 104; patrik.stenberg@skf.com