Lear Corporation leads round and enters into a Strategic Partnership to bring a new generation of Heating and Cooling Technology to the Automotive Market
TUCSON, AZ, September 9, 2016 – Tempronics, a thermoelectric company with proprietary new technology in solid state heating and cooling, is partnering with the Lear
Corporation (NYSE: LEA), a leading global supplier of automotive seating and electrical systems, to provide a new generation of thermal comfort to the automotive seating
market. Other investors include Nth Power, the Desert Angels, management and individual investors.
Tempronics Founder Dr. Tarek Makansi commented that “we are excited to have such a strong partner who sees value in our innovation and is willing to partner with us to
accelerate our penetration into the automotive market.” Lear entered into a strategic partnership with Tempronics, pursuant to which Lear obtained a minority equity interest
in Tempronics and also secured exclusive rights to its thermoelectric seat heating and cooling technology for automotive applications.
“This partnership will provide Lear with the ability to heat and cool seats faster utilizing less energy than any other system available today,” said Ray Scott, Lear’s executive
vice president and president of Seating.
“Lear is the industry leader in luxury and performance automotive seating. With the addition of industry-leading heating and cooling technology from Tempronics to our
existing capabilities in seat fabric, premium leather, seat cover sewing as well as seat foam and seat structures, we are uniquely positioned to offer the best seat designs,
most complete range of seating features and the highest level of craftsmanship,” added Matt Simoncini, Lear’s president and chief executive officer.
Rick Myers, the CEO of Tempronics commented, “we are delighted to have Lear, the premier automotive seating supplier, select Tempronics’ differentiated and superior seat
comfort products. With a strong partner, we can advance Tempronics’ multiple value propositions of faster time-to-comfort, lower power consumption, HVAC energy savings
and increased seat comfort on long drives. In addition, this round of financing will enable us to continue to pursue other markets such as office furniture, bedding and
other applications where our powerful thermal control can offer enhanced comfort.” Lear Corporation (NYSE: LEA) is one of the world’s leading suppliers of automotive
seating and electrical distribution systems. Lear serves every major automaker in the world, and Lear content can be found on more than 350 vehicle nameplates. Lear’s
world-class products are designed, engineered and manufactured by a diverse team of approximately 140,000 employees located in 36 countries. Lear currently ranks #154
on the Fortune 500. Lear’s headquarters are in Southfield, Michigan.
Further information about Lear is available at http://www.lear.com or follow us on Twitter @LearCorporation.
Tempronics develops solid-state thermoelectric devices that heat, cool and generate electricity. The Company is focused on advancing how these devices deliver
increased comfort while decreasing energy consumption in every day products like automobiles, chairs and beds.
More information can be found at http://tempronics.com/