- Martinrea International (MRE) is partnering with NanoXplore
- The companies are forming a joint venture to develop Electric Vehicle (EV) batteries enhanced with graphene
- The venture aims to support the movement towards a sustainable, low-carbon future and zero-emission EVs
- The joint venture is known as VoltaXplore and expects to open a demonstration facility in Montreal within the next year
- Martinrea is up 7.14 per cent on the day, with shares of the company trading at $13.65 at 11:54 am ET
Martinrea International (MRE) is partnering with NanoXplore.
The companies are forming a joint venture to develop Electric Vehicle (EV) batteries enhanced with graphene. The venture aims to support the movement towards a sustainable, low-carbon future and zero-emission EVs.
Martinrea is a global automotive supplier engaged in the design, development and manufacturing of highly engineered lightweight structures and propulsion systems while NanoXplore is a graphene producer.
The joint venture will officially be known as VoltaXplore. It expects to open a demonstration facility in Montreal within the next year for the development and production of EV batteries enhanced with graphene.
A successful demonstration of improved battery performance using graphene, along with positive feedback will support the business case for the construction of a full-scale battery production facility in Canada.
“Martinrea is a strong supporter of graphene, helping to bring it to market in various ways. We have been a long-time partner of NanoXplore and are excited to collaborate on enhancements graphene will bring to battery technology. Graphene will be a differentiator by improving charge time and vehicle distance, ultimately bringing solid-state battery technology to market sooner. Combining our advanced lightweight technologies with graphene-enhanced batteries is a big step forward in the EV space,” said Martinrea International President and CEO Pat D’Eramo.
Martinrea and NanoXplore will each initially invest C$4 million into the joint venture as start-up capital and to support the construction facility, with each committed to providing up to an additional $6 million in development funding if and when required.
Martinrea is up 7.14 per cent on the day, with shares of the company trading at $13.65 at 11:54 am ET.
