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.”

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