Cymat Announces Progression To Prototypes And Physical Testing On Automotive Component
MISSISSAUGA, ON, June 20, 2023 /PRNewswire/ - Cymat Technologies Ltd. (TSXV: CYM) (OTCQB: CYMHF) (the "Company" or "Cymat") is pleased to announce that it has commenced with the production of prototype automotive components to be followed by physical impact testing for an electric vehicle manufacturer ("OEM").
Cymat has been working with this OEM for almost a year to develop a composite solution for the underside impact protection of a new electric vehicle's ("EV") battery enclosure. The traditional industry solution has been a reinforced, high-strength steel plate. The OEM engaged Cymat when its own solution, a machined high-strength steel plate, failed to meet its testing criteria. Cymat, together with its design partner, Tesseract Structural Innovations, Inc. ("Tesseract"), has developed an advanced aluminum foam sandwich structure featuring an ultra-thin version of high density SmartMetalTM aluminum foam.
The component is engineered to protect the battery box from an impact force of 120 joules from an object the size of a trailer hitch ball which is equivalent to a collision at 48 miles per hour. Cymat's design offers a slim profile that is 40% lighter and more economical than the traditional steel solution. Lightweighting is critical in EVs as a vehicle's range is directly proportional to its mass. As well, the elevated weight in current EVs causes considerable roadway damage. As such, the lighter weight and enhanced crash protection of Cymat's component are especially germane to today's corporate focus on ESG goals.
Cymat and Tesseract have designed the component utilizing computerized simulations performed by an independent laboratory. These simulations have illustrated that this component exceeds the OEM's rigorous standards for impact protection. The next phase physical impact testing is intended to further validate these simulation results. Upon the successful completion of these tests, Cymat anticipates that it will commence negotiations with the OEM to manufacture the component for the new electric vehicle, scheduled to be launched in late 2024/early 2025.
Cymat has exclusive ownership of this design concept, which has relevance to virtually all other electric vehicle battery enclosures. The Company intends to utilize these test results, including high-speed video of the component's performance, to market its design to other electric vehicle OEMs and parts manufacturers.
Cymat's CEO Michael Liik commented, "This is the first time that Cymat has advanced to the prototyping and physical crash-testing stage with an automotive OEM." He went on to say," I am particularly excited about the ability to market this innovative design concept to other automotive companies and parts suppliers who are all faced with the same battery enclosure challenges." He added, "This development further validates our strategy of focusing on developing technology to enhance the performance of battery enclosures for electric vehicles, an area still very much in its infancy."
Cymat is continuing to work closely with other automotive OEMs and parts manufacturers on additional components, including those outlined in previous press releases (July 5, 2022 and December 13, 2023). Updates on these development programs and other automotive initiatives will be forthcoming.
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.
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding the proposed amendments to the Warrants, the Company's proposed use of proceeds from the exercise of the Amended Warrants and the Incentive Warrants, and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the failure to obtain the Warrant Amendment Approval, failure to obtain Exchange approval for the Warrant amendments and the Incentive Program, impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Certain material assumptions regarding such forward-looking statements may be discussed in this news release and the Company's annual and quarterly management's discussion and analysis filed at www.sedar.com. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The Shares have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States, or to or for the account or benefit of any person in the United States, absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any common shares in the United States, or in any other jurisdiction in which such offer, solicitation or sale would be unlawful. We seek safe harbour.
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SOURCE Cymat Technologies Ltd.
