Mahle acquires O-Flexx

NRW Bank has secured an exit as O-Flexx is acquired by Mahle for an undisclosed sum.

O-Flexx Technologies, a Germany-based thermoelectrics technology developer, has been acquired by automotive parts manufacturer Mahle, providing an exit to NRW Bank, the state-owned economic development bank of North Rhine-Westphalia.

Financial terms of the acquisition have not been disclosed.

Founded in 2006, O-Flexx produces thermoelectric elements that efficiently convert heat into electrical energy. The technology can be used, for example, to warm the cabin of cars – both electric vehicles and combustion engine cars.

NRW Bank, through its investment arm Corporate Finance, provided an undisclosed amount to O-Flexx in 2013. Investment firm Sam injected capital in 2009, while cleantech-focused VC firm Emerald Technology Ventures invested in 2007.

Wolf-Henning Scheider, chairman of Mahle’s management board and chief executive, said: “With O-Flexx, Mahle is stepping up its operations to include thermoelectric technology and is thus laying the foundation for innovative heating and cooling management in every vehicle class.”

See more from this Government Report: Germany

Back

Copyright Mawsonia Limited 2010. Please don't cut articles from www.globalgovernmentventuring.com or the PDF and redistribute by email or post to the web without written permission.