NORTHVILLE, Mich., Nov. 10, 2015 /PRNewswire/ -- Gentherm Incorporated (NASDAQ-GS: THRM), the global market leader and a developer of innovative thermal management technologies, announced today that it has been selected by the U.S. Navy to lead the development of an energy efficient, portable patient warming system based on its proprietary thermal management technologies.
Gentherm was granted a two-year, $2.75 million contract by the U.S. Navy's Bureau of Medicine and Surgery and the Naval Medical Research Center. The effort aims to develop an energy efficient patient warming system.
The Navy's goal is to upgrade its current standard of care for patient warming in support of expeditionary health services and advanced medical development. The proposed patient warming system is intended to be compatible with existing medical care systems and be used for treating patients in field hospitals or in transport by ground, ship or air to traditional, better-equipped treatment centers. The Gentherm approach, which is based on new research, exploits the body's natural methods for thermal exchange and temperature management.
Gentherm President and CEO Daniel R. Coker noted that the medical device project represents another application and a new product category for its thermal management technologies outside the automotive industry, where the Company generates the majority of its revenue.
"This is an exciting new project for us in a new industry—healthcare and medical devices—that we have targeted as representing an important future for our broadening array of thermal management technologies," Coker said. "We are leveraging our industry-leading expertise in thermal management, as well as our partnerships with world-class research institutions, toward a goal of bringing a completely new concept in patient warming to the market. We expect this project will expand our knowledge of thermal regulation, which is important for comfort and therapy.
"We are very pleased to be recognized for our leadership in developing and commercializing thermal management solutions by the U.S. Navy, and to be working with such a prominent and capable team of researchers," Coker added.
Gentherm (NASDAQ-GS: THRM) is a global developer and marketer of innovative thermal management technologies for a broad range of heating and cooling and temperature control applications. Automotive products include actively heated and cooled seat systems and cup holders, heated and ventilated seat systems, thermal storage bins, heated automotive interior systems (including heated seats, steering wheels, armrests and other components), battery thermal management systems, cable systems and other electronic devices. Non-automotive products include remote power generation systems, heated and cooled furniture and other consumer and industrial temperature control applications. The Company's advanced technology team is developing more efficient materials for thermoelectrics and new systems for waste heat recovery and electrical power generation. Gentherm has nearly ten thousand employees in facilities in the U.S., Germany, Canada, China, Hungary, Japan, Korea, Macedonia, Malta, Mexico, Ukraine and Vietnam. For more information, go to www.gentherm.com.
Except for historical information contained herein, statements in this release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include statements regarding future sales, products, opportunities, markets, expenses and profits. Forward-looking statements involve known and unknown risks and uncertainties which may cause the Company's actual results in future periods to differ materially from forecasted results. Those risks include, but are not limited to, risks that new products may not be feasible, sales may not increase, additional financing requirements may not be available, new competitors may arise, currency exchange rates may change, and adverse conditions in the industry in which the Company operates may negatively affect its results. Those and other risks are described in the Company's annual report on Form 10-K for the year ended December 31, 2014 and subsequent reports filed with the Securities and Exchange Commission (SEC), copies of which are available from the SEC or may be obtained from the Company. Except as required by law, the Company assumes no obligation to update the forward-looking statements, which are made as of the date hereof, even if new information becomes available in the future.
SOURCE Gentherm Incorporated