Gentherm Introduces Thermal Storage Bin For Global Automotive Market Major North American Automotive Manufacturer to Launch Cooling-Only Version of New Storage Bin in 2014
NORTHVILLE, Mich., April 18, 2013 /PRNewswire/ -- Gentherm Incorporated (NASDAQ-GS: THRM), the global market leader and a developer of innovative thermal management technologies, today announced that it has been awarded a contract by a major North American automotive manufacturer to supply a cooling-only version of Gentherm's new thermal storage bin. The new thermal storage bin, also available in a heated and cooled version, is designed for the global automotive market and is based on Gentherm's advanced thermoelectric technology. The cooling-only version of the thermal storage bin is expected to be made commercially available from the major North American automotive manufacturer in 2014.
The thermal storage bin was created to offer a solution for flexibility in tight interior spaces. The technology used in the storage bin is based on Gentherm's proprietary thermoelectric technology used in its Climate Control Seat™ (CCS™) system for heated and cooled vehicle seats, as well as in its dual cup holder for the automotive market.
As in the CCS system and the cupholder, the thermal storage bin operates through an independent temperature control that does not rely on the vehicle's heating and air conditioning system.
"Our goal has always been to be the global leader in thermoelectric technology for the automotive market," said President and Chief Executive Officer Daniel R. Coker. "The thermal storage bin is another example of our ability to develop market-leading products using our proprietary technology that fit the needs of the automobile-buying public. The heating option of the storage bin is an important feature for geographic areas such as Asia where it offers advantages over traditional compressor technologies that only cool.
"Selection of the cooling-only version of the storage bin by one of the world's leading automotive manufacturers provides us with an excellent launching pad for this important new product," concluded Coker.
Outside of the automotive market, Gentherm has also developed heated and cooled bedding products and a line of heated and cooled office chairs using its proprietary thermoelectric technology.
Gentherm Incorporated (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 seat and steering wheel systems, cable systems and other electronic devices. The Company's advanced technology team is developing more efficient materials for thermoelectrics and systems for waste heat recovery and electrical power generation for the automotive market that may have far-reaching applications for consumer products as well as industrial and technology markets. Gentherm has more than 6,000 employees in facilities in the U.S., Germany, Mexico, China, Canada, Japan, England, Korea, Malta, Hungary and the Ukraine. For more information, go to www.gentherm.com.
Certain matters discussed in this release are forward-looking statements that involve risks and uncertainties, and actual results may be different. Important factors that could cause the Company's actual results to differ materially from its expectations in this release are risks that sales may not significantly increase, additional financing, if necessary, may not be available, new competitors may arise and adverse conditions in the automotive industry may negatively affect its results. The liquidity and trading price of its common stock may be negatively affected by these and other factors. Please also refer to Gentherm's Securities and Exchange Commission (SEC) filings and reports, including, but not limited to, its Form 10-K for the year ended December 31, 2012; all of which are available free of charge on the SEC's website at www.sec.gov. Gentherm expressly disclaims any intent or obligation to update any forward-looking statements.
SOURCE Gentherm Incorporated