Mississauga, ON /PRNewswire/ - Cymat Technologies Ltd. (TSXV: CYM) (OTCQB: CYMHF) (the "Company" or "Cymat") is pleased to announce that it has entered into a second component development agreement with its global automotive manufacturing customer ("OEM").
Cymat announced its initial component development agreement with this OEM in July (see press release issued July 5, 2022) after a significant period of design collaboration utilizing Cymat's proprietary aluminum foam, SmartMetalTM. Highly successful results generated from the component design phase of this program motivated the OEM to begin discussions on additional applications for SmartMetalTM in its upcoming electric vehicles.
In the second agreement, Cymat will design a side-impact component for a battery enclosure to be housed in a new electric vehicle platform. The design objective for this component is to optimize crash performance in a narrow design envelope with a lightweight structure. Cymat, together with its design partner Tesseract Structural Innovations Inc. ("Tesseract"), will be working in conjunction with the OEM's body structures group during the primary vehicle design phase. This second agreement will follow the same protocols, timelines, and scope of work as the first agreement. Completion of the design phase of the second agreement is expected by the end of calendar Q1 2023.
These components are being designed for a new mid-sized, multi-vehicle platform for the OEM. Initial volumes are forecast to be in the 50,000 vehicle range, expanding to several hundred thousand vehicles as more models are introduced on the platform.
Cymat's CEO Michael Liik commented, "We are excited to see both our material's unique attributes and innovative component designs further validated by this global car company." He added, "We believe that this is the beginning of a long-term relationship with this company as they continue to expand their interest in using Cymat's SmartMetalTM in their future electric vehicle designs."
About Cymat Technologies Ltd.
Cymat Technologies Ltd. has the global rights, through patents and established know-how, to manufacture and sell Stabilized Aluminum Foam ("SAF"), a unique, ultra-light, cellular metallic material. The proprietary production process entails the injection of gases through a molten bath of alloyed aluminum infused with ceramic particles. The result is an advanced, lightweight, recyclable material that exhibits unique characteristics including: customizable density and dimensions; mechanical energy absorption; thermal and acoustic insulation; and time, temperature and strain-rate insensitivity. A key benefit of this continuous foam production process is its scalability and resultant low cost of production. SAF is used in such industries as architectural design, military and automotive. Cymat markets its architectural SAF under the AlusionTM brand and its automotive and military SAF under the SmartMetalTM brand. For further information, please visit our website at www.cymat.com.
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