Drivetrain technology supplier Dana (NYSE: DAN) has announced a joint venture with TM4, a subsidiary of Hydro-Québec. TM4 will become Dana’s source for electric motors, power inverters, and control systems, and Dana will become a majority shareholder of TM4 in exchange for $165 million Canadian ($127 million US).
TM4 manufactures EV motors, power inverters, and control systems, complementing Dana’s electric gearboxes and thermal-management technologies for batteries, motors, and inverters. TM4 operates a manufacturing facility in Boucherville, Québec. Its management team and 130 employees will remain in place.
This transaction is expected to strengthen Dana’s position in China, where TM4 and Prestolite Electric Beijing have a joint venture that offers electric mobility solutions throughout China and the ASEAN region.
“This joint venture brings together a world 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 across all three of our end markets,” said Dana CEO Jim Kamsickas.