BOUCHERVILLE, Que. – Hydro-Quebec is investing another $85 million into Dana TM4, maintaining a 45% interest in the company that develops electric drivetrains – and creating 30 new jobs in the process.
The investment comes as Dana TM4 acquires the remainder of Dana Electric Motor Co., and integrates an electric motor producer known as SME. TM4 was once a division of Hydro Quebec.
Dana TM4 is acquiring 100% of China-based Dana Electric Motor Co., formerly known as Prestolite E-Propulsion Systems, building on an existing 50% interest in the venture. This is meant to further develop activities in China, which is the fastest-growing market for electric vehicles, Hydro Quebec says.
Dana TM4 is also integrating SME, headquartered in Italy, which has developed electric motors and controls for off-highway applications including material handling, agriculture, construction, and automated guided vehicles.
SME’s low-voltage products will align with existing high-voltage products from Dana TM4, and the investment puts Dana TM4 in a position to offer electric powertrains for light, commercial, and off-highway vehicles.
“With the investments we are making today, our partnership with Dana will continue to grow and we will be able to take advantage of all the global opportunities market related to transportation electrification. Our goal continues to be creating wealth in Québec while promoting our expertise in transportation electrification globally and thus contributing to the energy transition,” said Hydro-Québec president and CEO Éric Martel.
Thirty new jobs have been created in Boucherville, Que., in the year since Dana and Hydro-Quebec first formed their strategic partnership.
“Hydro-Québec’s experience in electrification has made them a strong partner as our customers continue to expand their electric vehicle offerings. Our Dana TM4 joint venture enables us to offer a complete portfolio of technologies to support all three of the major mobility markets and we look forward to continuing our partnership,” said James Kamsickas, president and CEO of Dana.
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