Gentherm Leads Investment in Electric Battery Cooling Technology Maker Carrar
June 02 2021 - 8:00AM
Gentherm (NASDAQ: THRM), a global market leader and developer
of innovative thermal management technologies, announced that it is
the lead investor in a Seed round of financing in Carrar, an
Israel-based technology developer of advanced thermal management
systems for the electric mobility market.
Carrar’s disruptive two-phase cooling technology leverages
thermodynamics that has the potential to enable fast charging and
discharging of a battery to overcome the challenges for electric
vehicle (EV) batteries, on-board electronics, and charging
infrastructures.
The technology is being developed to be applied in EV battery
packs to address the significant challenges global automakers are
facing with heat dissipation. Carrar’s solution is targeted at
delivering uniform temperature for each cell and across the battery
pack 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 are facing,” said Phil Eyler, President
and CEO of Gentherm. “We see potential opportunities with Carrar’s
innovation to help expand our Battery Performance Solutions
portfolio with a technology that can improve EV safety,
performance, and charging speed while helping accelerate EV
adoption.”
“The two-phase cooling disruptive technology will play a major
role in the future of the EV battery market by enabling faster
charging and safer EV use that are key for mass adoption,” said
Erez Freibach, Co-founder and CEO of Carrar. “Gentherm is
delivering the future of battery thermal management solutions at
scale and we look forward to working together with the goal of
bringing our technology to the global market.”
Gentherm’s Battery Performance Solutions offer a wide range of
technology that supports our customers’ electromobility needs today
and in the future. These products are utilized in the thermal
management of modern xEV vehicles, which includes full hybrid
electric vehicles (FHEV) and plug-in hybrid vehicles (PHEV), but
also Cell Connecting Technologies for the sensing of critical data
and the configuration of batteries.
Investor ContactYijing
Brentanoinvestors@gentherm.com 248.308.1702
Media ContactMelissa
Fischermedia@gentherm.com 248.289.9702
About GenthermGentherm (NASDAQ: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
variable temperature Climate Control Seats, heated automotive
interior systems (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 products that will help enable
improvements to existing products and to create new product
applications for existing and new markets. Gentherm has
more than 11,000 employees in facilities in the United States,
Germany, Canada, China, Hungary, Japan, Korea, North Macedonia,
Malta, Mexico, United Kingdom, Ukraine,
and Vietnam. For more information, go
to www.gentherm.com.
About CarrarCarrar provides innovative
thermal management system (TMS) technology for the electric
mobility market. Carrar was established following five years of
research and development in disruptive two-phase cooling technology
that leverages the thermodynamic properties of latent heat. Carrar
solution allows ultra-fast charging/discharging and uniform
temperature distribution down to the cell level, preserving battery
life, and preventing thermal propagation. Carrar technology is
safer, compact, cost-effective and efficient. The company's
innovative thermal management system is breaking the heat barrier
for EV batteries and onboard electronics. Carrar is based in
Sderot, Israel. For more information, go to www.carrar.net.
Forward-Looking Statements Except for
historical information contained herein, statements in this press
release are forward-looking statements that are made pursuant
to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
represent Gentherm Incorporated's goals, beliefs, plans and
expectations about its prospects for the future and other future
events. The forward-looking statements included in this press
release are made as of the date hereof or as of the date specified
herein and are based on management's reasonable expectations
and beliefs. Such statements are subject to a number
of important assumptions, risks, uncertainties and other
factors that may cause actual results or performance to differ
materially from that described in or indicated by the
forward-looking statements. Those risks include, but are not
limited to, risks related to: market acceptance of the Company’s
existing or new products, and new or improved competing products
developed by competitors with greater resources; shifting customer
preferences, including due to the evolving 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 Company’s development of new products on a
timely, cost effective basis, or at all. The foregoing risks should
be read in conjunction with the Company's filings 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
discussed in this press release does not include the potential
impact of any business combinations, acquisitions,
divestitures, strategic investments and other significant
transactions that may be completed after the date hereof, each of
which may present material risks to the Company’s
future business and financial results. Except as required by
law, the Company expressly disclaims any obligation or undertaking
to update any forward-looking statements to reflect any change
in its expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is
based.
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