Modine Announces Creation of Electric Vehicle Business Unit
Marks an Important Step in Accelerating Electric Vehicle Strategy
RACINE, Wis., Sept. 16, 2021 /PRNewswire/ — Modine Manufacturing Company (NYSE: MOD or the “Company”), a diversified global leader in thermal management technology and solutions, today announced that it is establishing a separate business unit to focus exclusively on thermal management systems for electric vehicles.
“We are making a significant commitment to the EV market to better serve customers who are leading the transition to alternative powertrains,” said Neil D. Brinker, President and Chief Executive Officer. “We plan to name a dedicated leader to this group and will invest in the people and technology to support this dynamic and rapidly developing market. The future of transportation is EV, and we are gaining momentum with multiple program wins. This is the right time to stand up this organization as the transition is happening quickly.”
Modine currently produces complete electric vehicle heat exchange systems that regulate powertrain temperatures within optimal ranges under all operating conditions. These systems can help achieve optimal temperature for the battery and the electronics and are critical to extending battery range and ultimate battery life. Modine’s products are especially suited for transit and school buses, specialty vehicles, and trucks including those used for last-mile delivery. Modine is currently in development discussions with more than 30 customers, is in production on three programs and have been awarded five additional programs that are launching in the next 12 months.
Modine, with fiscal 2021 revenues of $1.8 billion, specializes in thermal management systems and components, bringing highly engineered heating and cooling components, original equipment products, and systems to diversified global markets through its four complementary segments: BHVAC, CIS, HDE, and Automotive. Modine is a global company headquartered in Racine, Wisconsin (USA), with operations in North America, South America, Europe and Asia. For more information about Modine, visit www.modine.com.