Modine Ships First OptiChill Chiller for North American Data Center Market

Rhea-AI Summary

Modine Manufacturing Company (NYSE: MOD) has announced the shipment of its first chillers from the newly repurposed Rockbridge, Virginia facility, targeting the North American data center market. This move is part of an order with Corscale. Modine’s investment at Rockbridge aims to enhance production capabilities for cooling solutions, projected to generate over $100 million in revenue in the coming year, with potential growth exceeding $250 million in five years. The facility will also host advanced testing capabilities and is positioned in Virginia, home to significant hyperscale data center operations.

Positive

• Successful shipment of first chillers from Rockbridge facility, enhancing capacity.
• Projected data center revenue of over $100 million in the next year.
• Anticipated revenue growth exceeding $250 million in five years.
• Facility located in Virginia, a key area for data centers, supporting strategic growth.

Negative

• None.

Operating under the Airedale by Modine™ brand, Modine ships first chillers from newly repurposed Rockbridge, VA facility

RACINE, Wis., Oct. 27, 2022 /PRNewswire/ -- Modine Manufacturing Company (NYSE: MOD), a diversified global leader in thermal management technology and solutions, today announced that it has shipped its first chillers for the data center market from their newly repurposed production facility in Rockbridge, Virginia, as part of a previously announced order with data center giant, Corscale.

"We have made a significant investment in our Rockbridge facility in order to bring world-class chillers to the North American data center market," said Eric McGinnis, President, Climate Solutions at Modine.  "In line with our strategy to promote businesses with favorable market trends, we can now provide a full range of cooling solutions to our data center customers in this growing market. Just two years ago, we were operating out of a single facility in Leeds, U.K., and we now are producing data center products out of five facilities in North America and Europe. This is providing capacity to support future growth as we continue to build relationships with key global players in the hyperscale, colocation and telecom markets." 

Before shipping the chillers, witness testing was completed at the Airedale headquarters in Leeds. In describing the results of this testing, Stuart Kay, Sales Director, Precision/Data Centers at Modine commented, "The unit met or exceeded all of the test criteria.  We have designed a chiller tailor made for critical data center environments, which we believe delivers market-leading free cooling performance."

Modine's Rockbridge facility is ideally located to serve the U.S. data center market. Virginia is the largest data center market in the world and is home to more than 20 percent of all known hyperscale data centers worldwide. Modine has created a specialized data center chiller that provides an exceptional level of free cooling and delivers superior performance while using less energy and water.  Alongside chillers, Modine will also manufacture computer room air handling units and fan walls in the U.S., offering complete cooling solutions for colocation and hyperscale data center operators. 

"Data centers is a target growth market for Modine, and bringing this proven technology from the U.K. to the North American market is a key component to our growth objectives," continued McGinnis. "We anticipate generating more than $100 million of data center revenue in North America next year, with a peak goal of over $250 million over the next five years. The finished facility will include world-class witness testing capabilities that are scheduled to launch later this calendar year. I am grateful to our teams in Leeds and Virginia for providing the support to make this important milestone a reality."

A ribbon cutting ceremony to officially open the repurposed facility is scheduled for November 4, 2022, and will be attended by government officials, local dignitaries, plant staff and Modine executive leadership.

About Airedale by Modine™

At Airedale, we believe that air conditioning has a critical role to play in an increasingly connected world. We also passionately believe that air conditioning equipment must play a responsible role in an era where sustainability is key to the preservation of our planet.

Airedale is a global specialist in providing complete cooling solutions to industries where HVAC is mission critical, like data centres, healthcare, telecoms, education and pharmaceuticals. Our leading edge products, including chillers, close control and air handling units, are backed up with intelligent software solutions and complete applications and service support. With a strong R&D ethos rooted in sustainability and quality, Airedale's 600+ employees are committed to providing experiences, products, service and solutions that support our clients to meet their performance, efficiency and sustainability goals. 

Headquartered in Leeds, U.K. and with facilities in Consett (U.K.), Guadalajara (Spain), Dubai (UAE), Rockbridge (U.S.) and Grenada (U.S.), Airedale is part of Modine (NYSE: MOD), a diversified global leader in thermal management technology and solutions. For more information visit www.airedale.com.

About Modine

At Modine, we are Engineering A Cleaner, Healthier World™.  Building on more than 100 years of excellence in thermal management, we provide trusted systems and solutions that improve air quality and conserve natural resources.  More than 11,000 employees are at work in every corner of the globe, delivering the solutions our customers need, where they need them.  Our Climate Solutions and Performance Technologies segments support our purpose by improving air quality, reducing energy and water consumption, lowering harmful emissions and enabling cleaner running vehicles and environmentally-friendly refrigerants.  Modine is a global company headquartered in Racine, Wisconsin (USA), with operations in North America, South America, Europe and Asia. For more information visit www.modine.com. 

Media contacts

Nicola Ware 
+44 (0)113 3958108 
Nicola.d.ware@airedale.com 

Julie Walton Horsley 
(262) 636-1125 
julie.m.walton@modine.com 

Investor contact 

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

View original content to download multimedia:https://www.prnewswire.com/news-releases/modine-ships-first-optichill-chiller-for-north-american-data-center-market-301661733.html

SOURCE Modine Manufacturing Company

FAQ

What recent milestone did Modine achieve regarding chillers in October 2022?

Modine announced the shipment of its first chillers from the Rockbridge, Virginia facility for the North American data center market.

What is Modine's revenue projection for data centers in North America?

Modine anticipates generating over $100 million in data center revenue in North America next year.

What are Modine's long-term revenue goals for data centers?

Modine has a peak growth goal of over $250 million in data center revenue over the next five years.

When is the ribbon cutting ceremony for the Rockbridge facility?

The ribbon cutting ceremony for the repurposed Rockbridge facility is scheduled for November 4, 2022.

Which company is partnering with Modine for the chiller order?

Modine is fulfilling an order with Corscale for the data center chillers.