Matthews International Enters Into Joint Development Agreement With Illuming Power to Advance Bi-Polar Plate Production Technology
PITTSBURGH, Feb. 22, 2022 (GLOBE NEWSWIRE) -- Matthews International Corporation (NASDAQ GSM: MATW) announced today a Joint Development Agreement (JDA) with Illuming Power Inc., a Vancouver BC engineering firm specializing in the design, prototype, manufacture and sale of hydrogen fuel cell related materials, components and stacks. This two-year partnership will develop an automated, expanded graphite bipolar plate production line that will dramatically reduce production costs, accelerating the mass market adoption of fuel cells for a variety of end-use markets, including for transportation and stationary applications.
“We are very excited about joining forces with Illuming Power to provide the opportunity to not only reduce the cost of production, but to also confirm the scalability to produce millions of hydrogen fuel cell units per year,” commented Matthews President and CEO, Joe Bartolacci. “We see this partnership as an important part of the Matthews growth strategy as we become a key player in the fast-growing energy market.”
Greg Babe, Chief Technology Officer, continued, “This partnership combines a unique set of capabilities that will benefit the entire industry. With our Saueressig Engineering and Terrella Group’s expertise in rotary embossing and cutting tools and the design and fabrication of automated production lines, coupled with Illuming Power’s expertise in materials, expanded graphite bipolar plate design, and stack functionality, we believe the impact on the industry will be significant. And, while the focus of the pilot line will be for graphite bipolar plates, we expect that our activities in metal plates will also play a significant role as the market grows.”
“We are thrilled to be partnering with Matthews International. Our staff of scientists, engineers and technologists have developed hydrogen fuel cell solutions that are field proven with more than 37 million kilometers driven in transportation applications. We are committed to commercializing our technologies, designs, and materials to provide improved performance and cost reduction to our customers in Asia, North America and the EU,” said Jeff Plato, President, Illuming Power. “Together with Matthews Saueressig Engineering Group, we can accelerate on achieving that goal.”
The JDA builds on the established global position Matthews holds in production lines for the clean energy market, where the Company is a leader in calendaring lines for electrode production of lithium-ion batteries for the electric vehicle market, and on its growing expertise in fuels cells following the acquisition of Terrella Energy Systems in May 2021.
About Matthews International Corporation
Matthews International Corporation is a global provider of brand solutions, memorialization products and industrial technologies. The SGK Brand Solutions segment is a leading provider of packaging solutions and brand experiences, helping companies simplify their marketing, amplify their brands and provide value. The Memorialization segment is a leading provider of memorialization products, including memorials, caskets and cremation and incineration equipment, primarily to cemetery and funeral home customers that help families move from grief to remembrance. The Industrial Technologies segment designs, manufactures, services and distributes high-tech custom energy storage, marking, coding and industrial automation technologies and solutions. The Company has approximately 11,000 employees in more than 26 countries on six continents that are committed to delivering the highest quality products and services.
About Illuming Power Inc.
Illuming Power develops and produces materials, membrane electrode assemblies, components, and fuel cell stacks. Design for manufacturing has produced the lowest-cost, thinnest expanded graphite bipolar plates and sealing options for automotive OEMs and their suppliers. Illuming Power is engaged in establishing production capacity to meet the demand for mass deployment. Learn more at www.illumingpower.com
Matthews International Corporation
Two NorthShore Center
Pittsburgh, PA 15212-5851
Phone: (412) 442-8200
|Contact:||Steven F. Nicola|
|Chief Financial Officer|
Released February 22, 2022