Live news , top stories, corporate news, company news, sector news, economy news, results analysis news, ceo interviews, fund manager interview, advisor interview, market news, bazaar talk, hot stocks news, ipo news, commodities news, mutual fund news, insurance news, news wire
21 May, 2018 16:08 IST
Motherson Sumi System via subsidiary announces JV with Ossia
Source: IRIS | 10 Jan, 2018, 10.45AM
Comments  |  Post Comment

Motherson Sumi Systems (MSSL), part of the Samvardhana Motherson Group (SMG), through its subsidiary Samvardhana Motherson Automotive Systems Group B.V. (SMRP BV) announced the formation of a Joint Venture (JV) with Ossia Inc., innovator of the revolutionary Cota Real Wireless Power technology.

Motherson Innovations Company (MI), a subsidiary of Samvardhana Motherson Automotive Systems Group B.V. (SMRPBV) will hold majority share in the JV and will aim at bringing Ossia’s Cota power system into the interiors of some of the world’s most popular vehicles. The newly formed entity will be based in the U.S.A, supported by SMG's global organisation.

Globally, the JV will focus on the integration of Cota technology into a wide range of non-military passenger, commercial and public transportation vehicles. The JV aims to have its systems deployed in both private and public vehicles by 2021 to not only deliver continuous wireless power to occupants' personal devices, but also power various sensors in and on the vehicles themselves, including brake sensors, tire pressure gauges and key fobs.

In addition, the JV will be the distributor of all Cota wireless power products across multiple verticals such as IoT and consumer devices in India.

''Our customers want access to the most advanced technologies available today,'' said Vaaman Sehgal, Vice Chairman of SMG. ''After extensive evaluation of multiple wireless power companies, we have chosen Ossia as our preferred partner and are investing to be a part of the broader Cota ecosystem. Wirelessly powering the in-cabin experience and various other sensors is a tremendous technological advancement for both vehicle manufacturers and consumers.''

SMG is one of the world's leading manufacturers of components and solutions for top vehicle OEMs. MI is tasked with developing new technologies and creating platforms for new ideas to be launched. MI's latest offering, the breakthrough 'Empathic Cockpit' demonstrator, is currently being displayed at the CES 2018 in Las Vegas.

Ossia is the developer of the patented Cota technology, which redefines wireless power by safely delivering targeted energy to devices at a distance. Cota technology uses radio frequency to power a range of devices like wearables, smartphones, automotive sensors, IoT devices and batteries.

Apart from the JV, MI will also invest USD 14 million for a 4.5% equity stake in Ossia Inc.

Shares of the company gained Rs 2.2, or 0.57%, to trade at Rs 385.20. The total volume of shares traded was 26,447 at the BSE (10.29 a.m., Wednesday).



Motherson Sumi Systems Limited   (Q,N,C,F)*

Comments Post comment 
 Post Comment
Name Email
Comment
Security Code type    into this box
Company Update
Ind-Ra downgrades Reliance Infra and its NCDs to 'BBB+' - 21-May-2018 15:31
UltraTech to acquire demerged cement division of Century Textiles - 21-May-2018 10:38
Thermax to acquire stake of Babcock & Wilcox in JV - 21-May-2018 10:29
L&T Hydrocarbon wins two contracts for fertilizer plants - 21-May-2018 10:24
Glenmark Pharma gets nod for Colesevelam HCl tablets - 21-May-2018 10:00
Ashok Leyland quarterly net surges 40% - 18-May-2018 16:38
Bank of Baroda enters into MoU with CCRL - 18-May-2018 16:31
Strides Shasun turns to loss in Jan-Mar quarter - 18-May-2018 15:32
Bajaj Auto quarterly net up 36.33% - 18-May-2018 15:24
3i Infotech Services forays into retail as new vertical - 18-May-2018 13:04
Shriram Transport Finance inks MoU with HPCL - 18-May-2018 12:49
more...
Home  |   Shares  |   F&O  |   Mutual Funds  |   Loans  |   Insurance  |   News Centre
Wealth Tracker  |   Newsletters  |   Tax Corner  |   NRI Centre  |   Advertise
© All rights reserved. IRIS Business Services Limited
A Disclaimer