Gentherm leads investments in electric coil cooling
NORTHVILLE, Mich., June 02, 2021 (GLOBE NEWSWIRE) – Gentherm (NASDAQ: THRM), a global market leader and developer of innovative thermal management technologies, has announced that it is the lead investor in a Seed financing round at Carrar, an Israel-based technology developer of advanced thermal management systems for the electric mobility market.
Carrar’s revolutionary two-phase cooling technology harnesses thermodynamics that has the potential to enable rapid battery charging and discharging to overcome challenges in electric vehicle (EV) batteries, on-board electronics and infrastructure dump.
The technology is being developed for application to electric vehicle batteries to address the significant challenges that global automakers face in heat dissipation. Carrar’s solution aims to provide uniform temperature for each cell and across the battery to preserve battery life and improve performance with greater safety.
“The electric vehicle market is growing rapidly and there is a need to develop safe, fast and reliable solutions to solve the challenges our customers face,” said Phil Eyler, President and CEO of Gentherm. “We see potential opportunities with Carrar’s innovation to help expand our portfolio of battery performance solutions with technology that can improve the safety, performance and charging speed of EVs while helping accelerate adoption. of EVs. “
“The disruptive two-phase cooling technology will play a major role in the future of the EV battery market by enabling faster charging and safer use of EVs which are essential for mass adoption,” Erez said. Freibach, co-founder and CEO of Carrar. “Gentherm provides the future of large-scale battery thermal management solutions and we look forward to working together to bring our technology to the global market. “
Gentherm’s battery performance solutions offer a wide range of technologies that meet the electromobility needs of our customers today and in the future. These products are used in the thermal management of modern xEV vehicles, which include Full Hybrid Electric Vehicles (FHEV) and Plug-in Hybrid Vehicles (PHEV), but also cellular connection technologies for critical data detection and battery configuration. .
Gentherm (NASDAQ: THRM) is a global developer and distributor of innovative thermal management technologies for a wide range of heating, cooling and temperature control applications. Automotive products include variable temperature climate seats, heated interior systems for automobiles (including heated seats, steering wheels, armrests and other components), battery performance solutions, cable systems and other electronic devices. Medical products include patient temperature management systems. The Company is also developing a number of new technologies and new products that will enhance existing products and create new product applications for existing and new markets. Gentherm has over 11,000 employees with facilities in the United States, Germany, Canada, China, Hungary, Japan, Korea, North Macedonia, Malta, Mexico, United Kingdom, Ukraine and Vietnam. For more information, visit www.gentherm.com.
Carrar provides innovative thermal management system (TMS) technology for the electric mobility market. Carrar was created after five years of research and development in a revolutionary two-phase cooling technology that harnesses the thermodynamic properties of latent heat. The Carrar solution enables ultra-fast charging / discharging and even temperature distribution down to cell level, preserving battery life and preventing thermal spread. Carrar technology is safer, more compact, more profitable and more efficient. The company’s innovative thermal management system breaks the thermal barrier for electric vehicle batteries and on-board electronics. Carrar is based in Sderot, Israel. For more information, visit www.carrar.net.
Except for historical information contained herein, the statements contained in this press release are forward-looking statements that are made in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent goals, beliefs, plans and expectations regarding its future prospects and other future events. The forward-looking statements included in this press release are made as of the date hereof or the date specified herein and are based on the reasonable expectations and beliefs of management. These statements are subject to a number of assumptions, risks, uncertainties and other important factors which may cause actual results or performance to differ materially from those described or indicated by the forward-looking statements. These risks include, but are not limited to, risks related to: market acceptance of the Company’s existing or new products, and new or improved competitive products developed by competitors with more resources; changing customer preferences, particularly as a result of changes in the use of automobiles and technology; the electric vehicle market and the alignment of the Company’s product portfolio with long-term technological trends; and the feasibility of the Company’s development of new products on a timely and profitable basis, or not at all. The foregoing risks should be read in conjunction with the documents filed by the Company with the Securities and Exchange Commission (the “SEC”), including “Risk Factors”, in its most recent annual report on Form 10- K and subsequent SEC filings, for a discussion of these and other risks and uncertainties. In addition, the business outlook presented in this press release does not include the potential impact of business combinations, acquisitions, divestitures, strategic investments and other significant transactions that may be concluded after the date hereof. , each of which may present significant risks to the future business and financial results of the company. Except as required by law, the Company expressly disclaims any obligation or commitment to update any forward-looking statement to reflect any change in its expectations in this regard or any change in the events, conditions or circumstances on which such statement is based. .