GUELPH, ON, Sept. 28, 2021 /PRNewswire/ - Linamar Corporation
(TSX: LNR) today announced that it has entered into an exclusive
Manufacturing and Licensing Agreement with Michigan-based eMatrix Energy Systems, Inc. to
gain access to leading modular battery pack technology. The
agreement positions Linamar as the exclusive manufacturing partner
of eMatrix's modular battery packs and grants Linamar exclusive
licensing privileges in key markets. With the new partnership and
investment, Linamar has taken a meaningful minority equity
position in eMatrix ownership. Terms of the investment were
not disclosed.
Under the umbrella of Linamar's recently announced eLIN Product
Solutions Group, this initiative is the Company's first expansion
into Power Storage solutions. The deal leverages Linamar's
expertise in manufacturing and supply chain management, as well as
existing infrastructure and industry relationships to accelerate
and expand the scaling of eMatrix's product offerings. Further, the
transaction allows Linamar to participate as both a shareholder and
contract manufacturer with this rapidly growing startup.
eMatrix's modular battery pack systems feature a unique pack
design easily assembled to scale to customer needs, uses standard
battery cells and are controlled with a unique Battery Management
System designed to optimize thermal performance. The resultant
system is scalable, flexible, lower cost and drives better
efficiency in performance. The modular battery pack systems
provide a highly competitive product offering to customers across
Linamar's Mobility and Industrial business segments.
"I am very pleased to be announcing this manufacturing agreement
and investment in eMatrix," said Linda
Hasenfratz, Linamar's CEO. "This partnership is the first
major implementation by our eLIN Product Solutions Group and our
first expansion into the highly opportunistic Power Storage
segment. eMatrix are leaders in energy storage systems for
electrified solutions and we are very excited for the value their
products will bring to Linamar's customers and stakeholders."
"We are excited for the scale and manufacturing expertise that
Linamar brings to this alliance," said Idan Kovent, President and
CEO of eMatrix. "We have developed a groundbreaking energy storage
system that is easier to modify and scale, so it fits an
exceptionally wide range of potential applications. Thousands of
our patented eBrick™ modules are already powering both
on- and off-highway products such as commercial electric vehicles
and charging stations. They are also providing a uniquely compact
energy storage solution for solar-powered buildings and have become
a versatile power source for a large variety of industrial robotic
equipment. With this increasing demand for our products, our
partnership with Linamar will allow us to incorporate their
renowned manufacturing expertise, as well as utilize their
facilities worldwide, to expand our manufacturing and distribution
capabilities. As a result, eMatrix can accelerate our growth with
both existing and new customers and provide them the highest
quality product."
eMatrix Energy Systems is an innovative energy
technologies creator founded in 2016 and headquartered in
Southfield, Michigan, a
Detroit suburb. The Company
is a leader in the development of advanced electrification
solutions in multiple commercial verticals. Its patented
eBrick™ battery module provides OEMs a uniquely
versatile and customizable design that scales better and easier to
their specific applications, enabling them to launch faster. In
addition, the eMatrix proprietary battery management system offers
a fully integrated plug-and-play solution that ensures safe and
efficient energy system performance over the long term.
Linamar Corporation (TSX:LNR) is an advanced
manufacturing company where the intersection of leading-edge
technology and deep manufacturing expertise is creating solutions
that power vehicles, motion, work and lives for the future. The
Company is made up of two operating segments – the Industrial
segment and the Mobility segment, both global leaders in
manufacturing solutions and world-class developers of highly
engineered products. The Industrial segment is comprised of Skyjack
and MacDon. Skyjack manufactures scissor, boom and telehandler
lifts for the aerial work platform industry. MacDon manufactures
combine draper headers and self-propelled windrowers for the
agricultural harvesting industry. The Mobility segment is
subdivided into three regional groups: North America, Europe and Asia
Pacific. Within the Mobility segment, the regional groups
are vertically integrated operations combining expertise in light
metal casting, forging, machining and assembly for both the global
electrified and traditionally powered vehicle markets. The Mobility
segment products are focused on both components and systems for new
energy powertrains, body and chassis, driveline, engine and
transmission systems of these vehicles. In addition to the recently
formed eLIN Product Solutions Group that focuses on
Electrification, McLaren Engineering provides design, development,
and testing services for the Mobility segment. Linamar has 26,000
employees in 60 manufacturing locations, 12 R&D centres and 25
sales offices in 17 countries in North and South America, Europe and Asia which generated sales of $7.4 billion in 2019. For more information about
Linamar Corporation and its industry leading products and services,
visit www.linamar.com or follow us on Twitter at @LinamarCorp.
Forward Looking Information, Risk and Uncertainties
Certain information regarding Linamar set forth in this document
and oral summary, including management's assessment of the
Company's future plans and operations may constitute forward
looking statements. This information is based on current
expectations that are subject to significant risks and
uncertainties that are difficult to predict. Actual results may
differ materially from these anticipated in the forward-looking
statements due to factors such as customer demand and timing of
buying decisions, product mix, competitive products and pricing
pressure. In addition, uncertainties and difficulties in domestic
and foreign financial markets and economies could adversely affect
demand from customers. These factors, as well as general economic
and political conditions and public health threats, may in turn
have a material adverse effect on the Company's financial results.
Please also refer to Linamar's most current Management's Discussion
and Analysis of Financial Condition and Results of Operations
("MD&A") and Annual Information Form ("AIF"), as replaced or
updated by any of Linamar's subsequent regulatory filings, which
set out the cautionary disclaimers, including the risk factors that
could cause actual events to differ materially from these indicated
by such forward looking statements. These documents are available
at www.linamar.com/investors. The Company assumes no obligation to
update the forward-looking statements, or to update the reasons why
actual results could differ from those reflected in the
forward-looking statements. Content is protected by copyright and
may not be reproduced or repurposed without express written consent
by the Company.
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