Lear Corporation Leads Round and Enters into a Strategic
Partnership to Bring a New Generation of Heating and Cooling Technology
to the Automotive Market
TUCSON, Ariz.--(BUSINESS WIRE)--#automotiveseating--Tempronics, a thermoelectric company with proprietary new technology in
solid state heating and cooling, is partnering with the Lear Corporation
(NYSE: LEA), a leading global supplier of automotive seating and
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electrical systems, to provide a new generation of thermal comfort to
the automotive seating market. Other investors include Nth Power, the
Desert Angels, management and individual investors.
Tempronics Founder Dr. Tarek Makansi commented that “we are excited to
have such a strong partner who sees value in our innovation and is
willing to partner with us to accelerate our penetration into the
automotive market.” Lear entered into a strategic partnership with
Tempronics, pursuant to which Lear obtained a minority equity interest
in Tempronics and also secured exclusive rights to its thermoelectric
seat heating and cooling technology for automotive applications.
“This partnership will provide Lear with the ability to heat and cool
seats faster utilizing less energy than any other system available
today,” said Ray Scott, Lear’s executive vice president and president of
Seating.
“Lear is the industry leader in luxury and performance automotive
seating. With the addition of industry-leading heating and cooling
technology from Tempronics to our existing capabilities in seat fabric,
premium leather, seat cover sewing as well as seat foam and seat
structures, we are uniquely positioned to offer the best seat designs,
most complete range of seating features and the highest level of
craftsmanship,” added Matt Simoncini, Lear’s president and chief
executive officer.
Rick Myers, the CEO of Tempronics, commented, “We are delighted to have
Lear, the premier automotive seating supplier, select Tempronics’
differentiated and superior seat comfort products. With a strong
partner, we can advance Tempronics’ multiple value propositions of
faster time-to-comfort, lower power consumption, HVAC energy savings and
increased seat comfort on long drives. In addition, this round of
financing will enable us to continue to pursue other markets such as
office furniture, bedding and other applications where our powerful
thermal control can offer enhanced comfort.”
Lear Corporation (NYSE: LEA) is one of the world's leading suppliers of
automotive seating and electrical distribution systems. Lear serves
every major automaker in the world, and Lear content can be found on
more than 350 vehicle nameplates. Lear’s world-class products are
designed, engineered and manufactured by a diverse team of approximately
140,000 employees located in 36 countries. Lear currently ranks #154 on
the Fortune 500. Lear's headquarters are in Southfield, Michigan.
Further information about Lear is available at http://www.lear.com
or follow us on Twitter @LearCorporation.
Tempronics develops solid-state thermoelectric devices that heat, cool
and generate electricity. The Company is focused on advancing how these
devices deliver increased comfort while decreasing energy
consumption in everyday products like automobiles, chairs and beds. More
information can be found at http://tempronics.com/.
Contacts
Tempronics Corporation
Greg Teesdale, 520-760-3260