Dana Inc (
www.dana.com), which provides highly engineered solutions to improve the efficiency, performance and sustainability of powered vehicles and machinery, has announced a strategic joint venture with Hydro-Quebec (
www.hydroquebec.com); the latter’s TM4 Inc subsidiary will become Dana’s source for electric motors, power inverters and control systems.
As part of this agreement, Dana will buy a 55% stake in TM4. The transaction establishes Dana as the only supplier with full e-Drive design, engineering and manufacturing capabilities — offering electro-mechanical propulsion solutions to passenger-vehicle, commercial-truck and off-highway customers.
TM4 was founded in 1998 by Hydro-Quebec, which is Canada’s largest electricity producer.
Consistent with Dana’s globally distributed technical-centre model, its manufacturing plant in Boucherville will remain a centre of excellence, with the current management team and 130 employees.
Jim Kamsickas, Dana president and CEO, said: “We are excited to welcome TM4 into Dana’s global family and to
be partnering with Hydro-Quebec.
"This joint venture brings together a leader in mechanical power conveyance and thermal-management technology with an experienced manufacturer of electric motors and inverters, to offer a broad range of hybrid and electric-vehicle solutions for our customers.”
Eric Martel, CEO of Hydro-Quebec, said: “Transportation electrification is at a turning point. In this context, Hydro-Quebec has initiated a rigorous process to identify the winning conditions that will allow TM4 to reach its full potential.
“The announcement strengthens Boucherville’s position as a world-class centre of excellence.
"We wanted to join an industrial partner to accelerate TM4’s market access to become a global leader, to the benefit of all in Quebec.”