NORTHVILLE, Mich., Jan. 6, 2016 /PRNewswire/ -- Gentherm
(NASDAQ-GS:THRM), the global market leader and developer of
innovative thermal management technologies, announced today that it
has been awarded another contract for its new battery thermal
management system (BTM), a thermoelectric cooling system for
batteries used in hybrid and electrified vehicles. The five-year
contract, awarded by a major automotive strategic partner, could
generate up to $8 million in annual
revenue with the first shipments to begin for model year 2018.
The BTM, which was designed by Gentherm engineers, is a new
product for Gentherm that has a unique capability to provide
cooling to various types of batteries including those used in
hybrid and electrified vehicles. As future vehicles become
more electrified, their batteries need to be actively cooled to
ensure a longer service life.
"This important second contract win expands our foothold in a
new global market for Gentherm. With significant BTM programs
from separate major automotive manufacturers, we are leveraging our
thermal management technology and skills in a large and important
new product category," Coker said. "We expect this to be a
significant new growth opportunity for us."
Gentherm previously announced in July
2015 it had been awarded its first BTM contract by a major
automotive manufacturer that could generate up to $25 million in annual revenue. This new award
supplements that achievement.
About Gentherm
Gentherm (NASDAQ-GS: THRM) is a global
developer and marketer of innovative thermal management
technologies for a broad range of heating and cooling and
temperature control applications. Automotive products include
actively heated and cooled seat systems and cup holders, heated and
ventilated seat systems, thermal storage bins, heated automotive
interior systems (including heated seats, steering wheels, armrests
and other components), battery thermal management systems, cable
systems and other electronic devices. Non-automotive products
include remote power generation systems, heated and cooled
furniture and other consumer and industrial temperature control
applications. The Company's advanced technology team is
developing more efficient materials for thermoelectrics and new
systems for waste heat recovery and electrical power
generation. Gentherm has over ten thousand employees in
facilities in the U.S., Germany,
Canada, China, Hungary, Japan, Korea, Macedonia, Malta, Mexico, Ukraine and Vietnam. For more
information, go to www.gentherm.com.
Except for historical information contained herein,
statements in this release are forward-looking statements that are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These statements include
statements regarding future sales, products, opportunities,
markets, expenses and profits. Forward-looking statements involve
known and unknown risks and uncertainties which may cause the
Company's actual results in future periods to differ materially
from forecasted results. Those risks include, but are not limited
to, risks that new products may not be feasible, sales may not
increase, additional financing requirements may not be available,
new competitors may arise, currency exchange rates may change, and
adverse conditions in the industry in which the Company operates
may negatively affect its results. Those and other risks are
described in the Company's annual report on Form 10-K for the year
ended December 31, 2014 and
subsequent reports filed with the Securities and Exchange
Commission (SEC), copies of which are available from the SEC or may
be obtained from the Company. Except as required by law, the
Company assumes no obligation to update the forward-looking
statements, which are made as of the date hereof, even if new
information becomes available in the future.
Contact:
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DresnerAllenCaron
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Mike Mason
(investors)
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mmason@dresnerallencaron.com
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(212)
691-8087
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Rene Caron
(investors)
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rcaron@dresnerallencaron.com
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Len Hall
(media)
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lhall@dresnerallencaron.com
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(949)
474-4300
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SOURCE Gentherm