NORTHVILLE, Mich. and ODELZHAUSEN, Germany, Sept. 8, 2011 /PRNewswire/ -- Amerigon Incorporated (NASDAQ-GS: ARGN) and W.E.T. Automotive Systems AG (listed on Frankfurt Stock Exchange) announced today that they will make their first joint presentation at the Frankfurt International Auto Show (IAA) Sept. 13-16 in Frankfurt, Germany. Amerigon is the world's largest developer and marketer of thermoelectric technologies in the automotive market. W.E.T. is a global leader in seat heating and a developer and supplier of climate comfort systems and other electronic components for the automotive industry. Both companies will present their latest developments at a joint booth (Hall 4.1, Booth 23) and host a press conference at 10:30 a.m. CET Sept. 14 in Room Illusion at the Congress Center Messe Frankfurt (CMF).
At the press conference, Daniel R. Coker, President and CEO of Amerigon, and Caspar Baumhauer, CEO of W.E.T. Automotive Systems, will present the companies' joint important advances in energy efficiency in passenger cars, including hybrid and electric vehicles, and climate comfort technologies for passengers. A highlight of the presentation will be Amerigon's innovative thermoelectric generator, created in partnership with BMW of North America, Ford and the U.S. Department of Energy (DOE), that converts vehicle waste heat to electricity and offers fuel economy and a reduction of toxic emissions, including carbon dioxide gas. Amerigon's acquisition of W.E.T. will also be a topic of the press conference.
"The cooperation of Amerigon and W.E.T Automotive Systems permits a true global reach at the forefront of a variety of thermal management innovations for the automotive industry, and other industries as well," Coker said. "The merging of our respective innovative capabilities will enable us to become an even more competitive supplier in the very demanding and quickly evolving global automotive industry. Recent advancements in hybrid and electric vehicle technologies, government mandates on toxic emissions and greater customer demand for efficient vehicles all underscore the need for the kinds of thermal management solutions that our two companies have already proved they can produce."
Amerigon recently announced that it has been awarded an $8 million grant from the DOE to lead the development of an energy recovery system that can improve passenger car fuel efficiency by five percent by converting waste heat from gas exhaust into electric power using a thermoelectric generator. Amerigon is sharing the $8 million grant with its project partners including Ford, BMW of North America and Faurecia Emissions Controls Technologies.
"Waste vehicle heat has been, until now, an untapped source of electricity," Coker added. "With the rapidly increasing demands for electricity in modern vehicles, the potential for our thermoelectric generator that uses the readily available heat in vehicle exhaust is enormous."
Baumhauer pointed out, "In the last years, W.E.T. was able to strengthen its position as world market leader for thermal comfort products in automotive seating. We develop and deliver today to more than 380 different car platforms from our customer service centers and manufacturing locations in North America, Asia and Europe. Our products are featured in more than 70 different automotive brands. We are convinced that by combining W.E.T.'s operational capabilities and technologies with the cutting edge innovations of Amerigon in thermoelectric technology we will enter the next phase of profitable growth for our company."
About Amerigon and W.E.T.
Amerigon (NASDAQ-GS: ARGN) and W.E.T. Automotive Systems (listed on the Frankfurt Stock Exchange) develop and market innovative thermal management technologies for a broad range of heating and cooling and temperature control applications. Automotive products include thermoelectric-based heated and cooled seat systems and cup holders, heated and ventilated seat systems, heated seat and steering wheel systems, cable systems and other electronic devices. Amerigon'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 also have far-reaching applications for consumer products as well as industrial and technology markets. The two companies have an aggregate amount of annual revenues of $500 million and 5,000 employees in facilities in the U.S., Germany, Mexico, China, Canada, Japan, England, Korea and the Ukraine. For more information, go to www.amerigon.com and www.wet-group.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 Amerigon'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 Amerigon's common stock may be negatively affected by these and other factors. Please also refer to Amerigon's Securities and Exchange Commission filings and reports, including, but not limited to, its Form 10-Q for the period ended June 30, 2011, and its Form 10-K for the year ended December 31, 2010.
SOURCE Amerigon Incorporated