Hydro-Québec and partner Dana invest to strengthen their leadership position in electric powertrains
Montréal, July 31, 2019 – Hydro-Québec announces that the company has invested $85 million to secure the growth of TM4, now called Dana TM4, and to ensure its leadership position in the electric powertrain sector. Since June 2018, Hydro-Québec has held a 45% interest in subsidiary Dana TM4 as part of a strategic partnership with Dana Incorporated.
This $85 million investment will allow Hydro-Québec to maintain its 45% interest in Dana TM4, and adds the following strategic relationships:
- Dana TM4 will hold 100% of Chinese company Dana Electric Motor Co. Ltd , formerly called Prestolite E-Propulsion Systems (PEPS), in which Dana TM4 previously held a 50% interest. Dana Electric Motor Co. manufactures and markets electric powertrain systems, particularly for buses and trucks. This transaction will enable Dana TM4 to optimize its operations and ensure the development of its activities in China, the fastest-growing market in terms of transportation electrification.
- Dana TM4 will also integrate the activities of electric motor company SME, an Italian company which has developed a range of electric motors and controls for a wide range of off-highway electric vehicle applications, including material handling, agriculture, construction, and automated-guided vehicles. SME low-voltage systems are a perfect complement to the Dana TM4 high-voltage product line. This investment puts Dana TM4 in a position to offer electric powertrain systems for all types of land vehicles, including light vehicles (cars and pickups), commercial vehicles (buses and trucks), and off-highway vehicles (construction, mining, and lift trucks).
“With the investments we are making today, our partnership with Dana will continue to grow and we will be able to take advantage of all the global opportunities market related to transportation electrification. Our goal continues to be creating wealth in Québec while promoting our expertise in transportation electrification globally and thus contributing to the energy transition,” noted Hydro-Québec President and CEO Éric Martel.
“Hydro-Québec’s experience in electrification has made them a strong partner as our customers continue to expand their electric vehicle offerings. Our Dana TM4 joint venture enables us to offer a complete portfolio of technologies to support all three of the major mobility markets and we look forward to continuing our partnership,” said James Kamsickas, president and CEO of Dana Incorporated.
Economic benefits for Québec
One year after it was formed, the strategic partnership between Dana and Hydro-Québec has generated many economic benefits for Québec, in particular the creation of some 30 new high-quality jobs in Boucherville. Approximately 30 additional jobs are expected in the coming months. Dana TM4 sales have also increased 40% compared with last year due to the global presence of Dana’s sales and service network.
About Dana TM4
Dana TM4 is a joint venture between Dana Incorporated and Hydro-Québec, Canada’s largest electricity producers and one of the world’s largest hydroelectric power producers. The company designs and manufactures low- and high-voltage electric motors, generators, power electronics, and control systems suitable for the automotive, commercial, off-highway, marine, rail, motorsports, and recreational vehicle markets. Dana TM4 contributes to the highest possible energy conversion efficiencies through its expertise in permanent magnet and induction motors, power electronics, thermal management, coil winding, outer-rotor topology, and motor and inverter control algorithms. Dana TM4 is headquartered in Boucherville, Québec, Canada, and includes operations in Arzignano, Italy, as well as the Dana Electric Motor Co. Ltd subsidiary in Beijing and Shandong, China. For more information, visit tm4.com.
About Dana Incorporated
Dana is a world leader in highly engineered solutions for improving the efficiency, performance, and sustainability of powered vehicles and machinery. Dana supports the passenger vehicle, commercial truck, and off-highway markets, as well as industrial and stationary equipment applications. Founded in 1904, Dana employs more than 36,000 people in 33 countries on six continents who are committed to delivering long-term value to customers. The company reported sales of $8.1 billion in 2018. Based in Maumee, Ohio, USA, it is a people-centric organization and has been named a top employer of choice around the world, including significant honors in Asia, India, Italy, Mexico, and the United States. For more information, please visit www.dana.com.
Hydro-Québec generates, transmits and distributes electricity. It is Canada’s largest electricity producer and is among the world’s largest hydropower producers. Its sole shareholder is the Québec government. Its research institute, IREQ, conducts R&D in energy efficiency, energy storage and other energy-related fields. Hydro-Québec invests $100 million in research every year. For more information, please visit www.hydroquebec.com.