Modine Announces Creation of Electric Vehicle Business Unit

Rhea-AI Summary

Modine Manufacturing Company (NYSE: MOD) announced the establishment of a dedicated business unit focusing on thermal management systems for electric vehicles (EVs). This strategic move aims to support customers in the transition to alternative powertrains. CEO Neil D. Brinker emphasized the company's commitment to the EV market, highlighting ongoing developments with over 30 customers and multiple program wins. Modine's existing technologies are crucial for maintaining optimal battery temperatures, thereby enhancing battery range and longevity. Fiscal 2021 revenues reached $1.8 billion.

Positive

• Establishment of a dedicated business unit for electric vehicle thermal management systems.
• Active discussions in development with more than 30 customers.
• Production in progress on three EV-related programs with five additional programs launching in the next 12 months.

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• None.

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.

About Modine

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.  

Investor & Media Contact

Kathleen Powers
(262) 636-1687
kathleen.t.powers@modine.com

 

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SOURCE Modine Manufacturing Company

FAQ

What is Modine's new business unit focused on?

Modine's new business unit is focused on thermal management systems for electric vehicles.

How many customers is Modine currently in discussions with for EV systems?

Modine is in development discussions with more than 30 customers.

What were Modine's revenues for fiscal 2021?

Modine's revenues for fiscal 2021 were $1.8 billion.

What is the significance of Modine's thermal management systems for EVs?

Modine's thermal management systems are essential for maintaining optimal temperature range for batteries, enhancing their range and lifespan.

How many new programs is Modine launching in the next year for electric vehicles?

Modine has five additional EV programs launching in the next 12 months.