BackSamvardhana Motherson forms JV with Ossia, to invest $14 million
The JV will focus on integration of the Ossia's Cota technology into wide range of non military passenger, commercial and public transportation vehicles
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New Delhi: Samvardhana Motherson Automotives Systems Group, a unit of Motherson Sumi Systems Ltd, on Tuesday announced the formation of a joint venture with Ossia Inc—innovator of Cota Real Wireless Power Technology.
Motherson Innovations Company Limited (MI), a subsidiary of Samvardhana Motherson Automotives Systems Group, will hold a majority stake in the joint venture and the newly formed entity will be based in the US.
Motherson Innovations Company Limited (MI) will also invest $14 million for a 4.5% stake in Ossia Inc.
“Globally the JV will focus on integration of the Cota technology into wide range of non military passenger, commercial and public transportation vehicles. The JV also aims to have its systems deployed in both private and public vehicles by 2021. In addition it will be the distributor of all Cota wireless power products across multiple verticals as IoT and consumer devises in India," the company said in a press release.
“Our customers want access to the most advanced technology available today. 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," said Vaaman Sehgal, vice chairman, Samvardhana Motherson Group.
“We are thrilled to be working with a global leader like SMG and this joint venture is validation of Cota Real Wireless Power, which will be commercialized worldwide for the automotive industry," said Mario Obeidat, CEO, Ossia Inc.
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