Dana Strengthens Partnership with Increased Investment from Hydro-Québec
In 2018, Dana entered into a joint venture with Hydro-Québec by purchasing a majority stake in the motor and inverter company, TM4. Hydro-Québec is a government-owned utility and is the largest electricity producer in Canada, and one of the world's largest hydroelectric power producers, making it a strong partner for Dana in electromobility.
This year, Hydro-Québec agreed to broaden its investment in our motor and inverter capabilities by purchasing a 45-percent stake in SME and Dana Electric Motor Co. Ltd. (formerly Prestolite E-Propulsion Systems), which were acquired in 2019. Together, the combined entities will now be known as Dana TM4.
Dana TM4 is a joint venture between Dana, which holds 55-percent majority ownership and Hydro-Québec, which holds a 45-percent stake in the business. The financial results of Dana TM4, including SME and Dana Electric Motor Co. Ltd., will consolidate in Dana’s financial statements.