US Firm Modine to Open Exclusive EV Business Unit

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US-based thermal management company Modine Manufacturing is establishing a separate business unit to focus exclusively on thermal management systems for electric vehicles.

“We are making a significant commitment to the EV market to better serve customers who are leading the transition to alternative powertrains,” said Neil D. Brinker, President and Chief Executive Officer.

“We plan to name a dedicated leader to this group and will invest in the people and technology to support this dynamic and rapidly developing market. The future of transportation is EV, and we are gaining momentum with multiple program wins. This is the right time to stand up this organization as the transition is happening quickly.”

Modine currently produces complete electric vehicle heat exchange systems that regulate powertrain temperatures within optimal ranges under all operating conditions. These systems can help achieve optimal temperature for the battery and the electronics and are critical to extending battery range and ultimate battery life.

Modine’s products are especially suited for transit and school buses, specialty vehicles, and trucks, including those used for last-mile delivery. Modine is currently in development discussions with more than 30 customers, in production on three programs and have been awarded five additional programs that are launching in the next 12 months, says the company.

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The company released its financial results for the quarter ended June 30, 2021, in early August this year. Gross profit increased 59 percent in the first quarter to $73.2 million, and gross margin improved 150 basis points to 14.8 percent, primarily driven by volume improvements in all segments and lower depreciation in the Automotive segment, partially offset by higher material and overhead costs.

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Net sales increased 42 percent in the first quarter to $494.6 million, compared with $347.8 million in the prior year. The increase was primarily driven by market-related volume improvements in all segments as compared to the prior year, which included the significant impact of COVID-19 related plant closures around the world, said the company.