Dana Holding Corporation (NYSE: DAN) will receive a $2 million grant from the Province of Ontario for the ongoing development and manufacture of lithium-ion battery cooling technologies needed for electric and hybrid-electric vehicles. The grant will further support Dana's efforts to provide solutions that help automakers advance alternative-energy capabilities.
To date, Dana's air- and liquid-cooled battery technologies have been selected by several global automakers for 16 electric and hybrid-electric vehicles. Among these vehicles are the Chevrolet Volt, Ford Focus EV, and Tesla Roadster Sport. These products overcome the challenge of removing heat from tightly packed battery cells to maximize their performance and life.
"We're pleased to collaborate with the Province of Ontario to pursue technologies that reduce fuel consumption and emissions," said Dwayne Matthews, president of the Power Technologies business at Dana. "Clean energy is a global need, and will require commitments from both public and private sectors to make alternative-energy vehicles more broadly available."
The grant will support Dana's research and development work at its thermal products engineering center in Oakville, manufacturing at its plant in Cambridge, and collaboration with several Ontario universities in the development of battery cooling systems. In conjunction with the grant and based on the anticipated growth of this business, Dana will invest up to $37 million in its Oakville and Cambridge facilities over the next five years to continue to advance its battery cooling technology.
"Our investments are helping to make Ontario a leader in the development and adoption of electric vehicles," said Sandra Pupatello, Minister of Economic Development and Trade for the province. "We're proud to support Dana in bringing new technology to market and creating jobs for Ontario families. The future of the global auto industry is being shaped right here in Ontario, where our vision is to have one out of 20 cars electrically powered by 2020."
Dana's global leadership in the growing segment of electric vehicle battery cooling leverages the expertise of its deep-rooted thermal-management operations, whose history dates back to 1903. The company's wide range of thermal-management products also help cool and heat gasoline and diesel engines, as well as transmissions, on passenger cars and pickup trucks, heavy-duty trucks, and off-highway vehicles. In doing so, these products help improve fuel economy and reduce emissions by keeping conventional and alternative-energy powertrains running within the optimal temperature range and, therefore, at peak efficiency.
