MISSISSAUGA, ON, June 20,
2023 /CNW/ - Cymat Technologies Ltd. (TSXV: CYM)
(OTCQB: CYMHF) (the "Company" or "Cymat") is
pleased to announce that it has commenced with the production of
prototype automotive components to be followed by physical impact
testing for an electric vehicle manufacturer ("OEM").
Cymat has been working with this OEM for almost a year to
develop a composite solution for the underside impact protection of
a new electric vehicle's ("EV") battery enclosure. The
traditional industry solution has been a reinforced, high-strength
steel plate. The OEM engaged Cymat when its own solution, a
machined high-strength steel plate, failed to meet its testing
criteria. Cymat, together with its design partner, Tesseract
Structural Innovations, Inc. ("Tesseract"), has developed an
advanced aluminum foam sandwich structure featuring an ultra-thin
version of high density SmartMetalTM aluminum foam.
The component is engineered to protect the battery box
from an impact force of 120 joules from an object the size of a
trailer hitch ball which is equivalent to a collision at 48 miles
per hour. Cymat's design offers a slim profile that is 40% lighter
and more economical than the traditional steel solution.
Lightweighting is critical in EVs as a vehicle's range is directly
proportional to its mass. As well, the elevated weight in current
EVs causes considerable roadway damage. As such, the lighter weight
and enhanced crash protection of Cymat's component are especially
germane to today's corporate focus on ESG goals.
Cymat and Tesseract have designed the component utilizing
computerized simulations performed by an independent laboratory.
These simulations have illustrated that this component exceeds the
OEM's rigorous standards for impact protection. The next phase
physical impact testing is intended to further validate these
simulation results. Upon the successful completion of these tests,
Cymat anticipates that it will commence negotiations with the OEM
to manufacture the component for the new electric vehicle,
scheduled to be launched in late 2024/early 2025.
Cymat has exclusive ownership of this design concept, which has
relevance to virtually all other electric vehicle battery
enclosures. The Company intends to utilize these test results,
including high-speed video of the component's performance, to
market its design to other electric vehicle OEMs and parts
manufacturers.
Cymat's CEO Michael Liik
commented, "This is the first time that Cymat has advanced to the
prototyping and physical crash-testing stage with an automotive
OEM." He went on to say," I am particularly excited about the
ability to market this innovative design concept to other
automotive companies and parts suppliers who are all faced with the
same battery enclosure challenges." He added, "This development
further validates our strategy of focusing on developing technology
to enhance the performance of battery enclosures for electric
vehicles, an area still very much in its infancy."
Cymat is continuing to work closely with other automotive OEMs
and parts manufacturers on additional components, including those
outlined in previous press releases (July 5,
2022 and December 13, 2023).
Updates on these development programs and other automotive
initiatives will be forthcoming.
About Cymat Technologies
Ltd.
Cymat Technologies Ltd. has the global rights, through patents
and established know-how, to manufacture and sell Stabilized
Aluminum Foam ("SAF"), a unique, ultra-light, cellular metallic
material. The proprietary production process entails the injection
of gases through a molten bath of alloyed aluminum infused with
ceramic particles. The result is an advanced, lightweight,
recyclable material that exhibits unique characteristics including
customizable density and dimensions; mechanical energy absorption;
thermal and acoustic insulation; and time, temperature, and
strain-rate insensitivity. A key benefit of this continuous foam
production process is its scalability and resultant low cost of
production. SAF is used in such industries as architectural design,
military and automotive. Cymat markets its architectural SAF under
the AlusionTM brand and its automotive and military SAF
under the SmartMetalTM brand. For further information,
please visit our website at www.cymat.com.
Certain information set forth in this news release may
contain forward-looking statements that involve substantial known
and unknown risks and uncertainties. All statements other than
statements of historical fact are forward-looking statements,
including, without limitation, statements regarding the proposed
amendments to the Warrants, the Company's proposed use of proceeds
from the exercise of the Amended Warrants and the Incentive
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forward-looking information reflects management's current beliefs
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to obtain the Warrant Amendment Approval, failure to obtain
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at the time of preparation, may prove to be imprecise and, as such,
undue reliance should not be placed on forward-looking statements.
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SOURCE Cymat Technologies Ltd.