Lear Leads Latest Investment Round in Flexible Circuit Maker CelLink

Rhea-AI Summary

Lear Corporation (NYSE: LEA) has become the lead investor in the Series C funding round for CelLink Corporation, a manufacturer specializing in innovative flat and flexible circuits. This technology aims to enhance the efficiency of electric vehicle (EV) battery packs by integrating multiple functions into a single circuit, reducing costs and promoting EV adoption. With a significant reduction in wire harness weight and volume, CelLink’s products also provide environmental benefits, thus aligning with Lear's commitment to a sustainable future. CelLink aims to advance electrification while addressing climate change.

Positive

• Lear leads Series C financing for CelLink, enhancing its investment in cutting-edge technology.
• CelLink's technology reduces wire harness weight by over 70% and volume by more than 90%.
• Supports Lear's goal to expand its E-Systems business and leadership in flexible circuit technology.
• Potential for improved vehicle range and reduced costs in EV manufacturing.

Negative

• None.

SOUTHFIELD, Mich., May 3, 2021 /PRNewswire/ -- Lear Corporation (NYSE: LEA), a global automotive technology leader in Seating and E-Systems, today announced that it is the lead investor for the Series C round of financing in CelLink Corporation, a San Carlos, CA-based manufacturer of a new class of flat and flexible circuits that minimize complexity, space and weight.

With simplified designs, automated production and handling, and optimized electrical and thermal performance, CelLink's technology is a key enabler for electrified and software-defined vehicles offering zero-emission transportation, driver assist technologies, customized comfort options, advanced user experiences, and more. 

One application of this technology is being deployed in electric vehicle (EV) battery packs that house a bank of cells together with hundreds of parts and connections. CelLink's solution integrates busing, fusing, voltage monitoring and temperature monitoring wiring systems into a single circuit – an important feature that is reducing the cost of battery technologies and increasing the rate of adoption of EVs.

This is accomplished with zero design-specific tooling, allowing for instantaneous and virtually capital-free design changes – a powerful benefit in an increasingly just-in-time manufacturing world.

Outside of the battery module, CelLink is boosting its capabilities to mass produce flat and flexible circuits that offer class-leading performance in smaller packaging footprints, including a new product, co-designed with Lear, that will be incorporated into an EV from a global automotive manufacturer launching in 2021.

"Since our initial investment in 2019, we have been encouraged by CelLink's progress in developing a high value, differentiated wiring harness technology while reducing materials, packaging and weight," said John Absmeier, Lear Chief Technology Officer. "We see opportunities to expand Lear's E-Systems business and take a leadership role in flat flexible circuit technology and connection systems by continuing to partner with and invest in CelLink."

CelLink's products reduce wire harness weight by more than 70% and volume by more than 90% relative to existing wiring technologies. In addition to improving vehicle range by reducing weight, CelLink's flat and flexible circuits offer other environmental benefits, including a non-chemical production process and a less metal-intensive product design.

"This marks a significant milestone in our next phase of growth as we strive to provide a new class of lightweight power and data interconnection technology to the automotive industry, with the goals of enabling electrification and addressing climate change," said CelLink CEO Kevin Coakley. "Lear's financial support and customer relationships in the automotive industry are a valuable resource for our company."

About Lear Corporation
Lear, a global automotive technology leader in Seating and E-Systems, enables superior in-vehicle experiences for consumers around the world. Our diverse team of talented employees in 38 countries is driven by a commitment to innovation, operational excellence, and sustainability. Lear is Making every drive better™ by providing the technology for safer, smarter, and more comfortable journeys. Lear, headquartered in Southfield, Michigan, serves every major automaker in the world and ranks 166 on the Fortune 500.

About CelLink
CelLink, founded in 2012 by Kevin Coakley and Malcolm Brown, and joined in 2015 by Bruce Graham, manufactures the world's largest and most electrically and thermally conductive flexible circuits. The company's products are ideally-suited to power and signal transmission applications including automotive wiring, battery packs, LED lighting, photovoltaics, and other devices. CelLink was originally funded through a 2014 US Department of Energy Sunshot grant, and has since received a total of $65M in follow-on funding. Please visit www.cellinkcircuits.com for more information.

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SOURCE Lear Corporation

FAQ

What was Lear Corporation's recent investment move related to CelLink?

Lear Corporation is the lead investor in CelLink's Series C funding round.

How does CelLink's technology benefit electric vehicles?

CelLink's technology integrates multiple functions into a single circuit, reducing weight and cost of EV battery packs.

What is the impact of CelLink's circuits on vehicle manufacturing?

CelLink's circuits reduce wire harness weight by over 70% and volume by more than 90%, improving efficiency and range.

When did Lear Corporation announce the investment in CelLink?

Lear Corporation announced the investment on May 3, 2021.

What are the environmental benefits of CelLink's technology?

CelLink's circuits are produced with a non-chemical process, leading to a less metal-intensive design.