Linamar signs manufacturing and licensing agreement with energy technology creator eMatrix
The Canadian automotive and industrial markets supplier has also taken what it calls 'a meaningful minority equity position' in eMatrix ownership.
In a move that sees it expand into the power storage solutions market, Canadian manufacturing company Linamar Corp. has entered into an exclusive manufacturing and licensing agreement with Michigan-based energy technology maker eMatrix Energy Systems Inc.
In a Sept. 28 news release, Linamar officials said the agreement positions it as the exclusive manufacturing partner of eMatrix’s modular battery packs and grants Linamar “exclusive licensing privileges in key markets.”
Linamar has also taken what it calls “a meaningful minority equity position” in eMatrix ownership. The financial terms of the investment were not disclosed.
The deal falls under the umbrella of Linamar’s recently announced eLIN Product Solutions Group.
eMatrix’s modular battery pack systems feature a pack design said to make it easily assembled to scale to customer needs, and that use standard battery cells and are controlled with a battery management system designed to optimize thermal performance. “The resultant system is scalable, flexible, lower cost and drives better efficiency in performance,” Linamar officials said. “The modular battery pack systems provide a highly competitive product offering to customers across [our] mobility and industrial business segments.”
“With…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,” said Idan Kovent, president and CEO of eMatrix. “As a result, eMatrix can accelerate our growth with both existing and new customers and provide them the highest quality product.”
eMatrix was founded in 2016 and is headquartered in the Detroit suburb of Southfield.
Headquartered in Guelph, Ont., Linamar manufactures and supplies products to automotive and industrial markets and has two divisions: Powertrain/Driveline and Industrial. The company 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.