Dana Incorporated and Hydro-Québec announced a joint-venture partnership in which TM4 Inc., a subsidiary of Hydro-Québec, will become Dana's source for electric motors, power inverters and control systems. As part of this agreement, Dana will become a majority shareholder of TM4 for approximately $127 million while Hydro-Québec will maintain a 45 percent interest in the business entity.

TM4 designs and manufactures motors, power inverters and control systems for electric vehicles, offering a complementary portfolio to Dana's electric gearboxes and thermal-management technologies for batteries, motors and inverters. The transaction establishes Dana as the only supplier with full e-Drive design, engineering and manufacturing capabilities.

TM4 was founded in 1998 by Hydro-Québec, reportedly Canada's largest electricity producer and one of the world's largest hydroelectric power producers. TM4 operates a technology and advanced manufacturing facility in Boucherville, Québec. TM4's current management team and 130 employees will remain in place.

Dana is one of the leaders in highly engineered solutions for improving the efficiency, performance and sustainability of powered vehicles and machinery.

This transaction also further strengthens Dana's position in China, the world's fastest-growing market for electric vehicles. TM4 and Prestolite Electric Beijing Limited have a 50/50 joint venture in China, called Prestolite E-Propulsion Systems Limited, which offers electric mobility solutions throughout China and the ASEAN region.

"We are excited to welcome TM4 into Dana's global family and to be partnering with Hydro-Québec, a leader in the generation of energy that fully comprehends the 'megatrends' surrounding energy efficiency and the rapidly developing electrification infrastructure requirements around the globe," Dana President and CEO Jim Kamsickas said.