Martinrea International Inc. Announces Joint Venture With NanoXplore to Develop Electric Vehicle Batteries Enhanced With Graphene
TORONTO, April 15, 2021 (GLOBE NEWSWIRE) — Martinrea International Inc. (TSX : MRE), a diversified and global automotive supplier engaged in the design, development and manufacturing of highly engineered, value-added Lightweight Structures and Propulsion Systems, is pleased to announce its joint venture, VoltaXplore Inc., with graphene producer NanoXplore Inc. to develop electric vehicle (EV) batteries enhanced with graphene. This joint venture will support the journey towards a sustainable, low-carbon future encouraged by the global and Canadian movements towards zero-emission EVs.
A VoltaXplore demonstration facility is scheduled to be opened in Montreal within the next year for the development and production of EV batteries enhanced with graphene. A successful demonstration of improved battery performance using graphene, along with positive feedback from our customers, will support the business case for the construction of a battery production facility in Canada.
“Martinrea is a strong supporter of graphene, helping to bring it to market in various ways,” said Pat D’Eramo, President and CEO, Martinrea International Inc. “We have been a long-time partner of NanoXplore and are excited to collaborate on enhancements graphene will bring to battery technology. Graphene will be a differentiator by improving charge time and vehicle distance, ultimately bringing solid state battery technology to market sooner. Combining our advanced lightweighting technologies with graphene-enhanced batteries is a big step forward in the EV space.”
Martinrea International Inc. began its partnership with NanoXplore in 2017, due to the capabilities of NanoXplore to produce graphene at high volumes and the superior strength and lightness of the material. With this joint venture, Martinrea International Inc. will be able to combine their expertise as a leading manufacturer of Lightweight Structures and Propulsion Systems in the automotive and industrial markets with NanoXplore’s position as a world leader in the science and production of graphene and graphene-enhanced materials.
“Graphene is an advanced material – light, flexible, strong, with excellent conductive and cooling capabilities,” said Rob Wildeboer, Executive Chairman, Martinrea International Inc. “We believe graphene-enhanced batteries will create a superior solution, and through our partnership with NanoXplore and our combined experience and expertise we are excited to develop this new offering.”
“One of the keys to an electric vehicle future is significantly improved batteries, and we believe we can be a part of the solution, both at VoltaXplore and as a graphene provider at NanoXplore,” says Soroush Nazarpour, founder and CEO at NanoXplore. “We continue to benefit from our partnership with Martinrea, and this is another step in our successful working relationship.”
Martinrea International Inc. and NanoXplore will each initially invest $4 million into the joint venture as start up capital and to support the construction facility, with each committed to provide up to an additional $6 million in development funding if, as and when required. Pat D’Eramo, will be the Chairman of VoltaXplore and Soroush Nazarpour, will be the President and CEO. With the combined capabilities of the two companies, scientific, development and manufacturing needs will be provided to encourage the success of VoltaXplore.
About Martinrea International Inc.
Martinrea is a diversified and global automotive supplier engaged in the design, development and manufacturing of highly engineered, value-added Lightweight Structures and Propulsion Systems. Martinrea operates in 57 locations in Canada, the United States, Mexico, Brazil, Germany, Slovakia, Spain, China, South Africa and Japan. Martinrea’s vision is making lives better by being the best supplier we can be in the products we make and the services we provide. For more information on Martinrea, please visit www.martinrea.com. Follow Martinrea on Twitter and Facebook.
Deanna Lorincz, Global Director, Communications and Marketing
Martinrea International Inc.
Director, Investor Relations and Corporate Development