The investment adds single- and two-phase
immersion cooling technologies to Modine's portfolio, further
cementing the company's position as a complete cooling solutions
provider as data center heat loads rise.
RACINE, Wis., Jan. 2, 2024 /PRNewswire/ -- Modine (NYSE:
MOD), a diversified global leader in innovative thermal management
solutions, announced today that it had purchased the intellectual
property and other specific assets of TMG Core, a specialist in
single- and two-phase liquid immersion cooling technology for data
centers with high-density computing requirements.
"Modine's investment in liquid immersion cooling technology
advances our strategy to expand our global data center product
offering and capture market opportunities that help us achieve
our long-term growth targets," said Neil
Brinker, President and Chief Executive Officer of Modine.
"This investment strengthens Modine's position in the rapidly
growing data center market, providing our customers with advanced
solutions to support high-density, accelerated computing
applications, such as generative artificial intelligence, 5G and
machine learning."
This investment positions Modine to capture share in the rapidly
developing data center liquid cooling market, which analysts
forecast to reach $7.8 billion by
2028. Liquid immersion cooling involves submerging IT servers in
tanks filled with non-conductive fluid that dissipates the heat
generated by the IT load. This process enables increased computing
density in a sealed environment and supports reduced energy and
water consumption, along with the potential for heat reclaim.
Liquid immersion cooling also serves edge data center applications
where data processing must be closer to the source to reduce
latency, such as in autonomous vehicles.
"Modine's investment in liquid immersion cooling technology
expands the innovative solutions our Airedale brand can offer
throughout the thermal chain, allowing us to cover air, liquid and
hybrid systems," said Eric McGinnis,
President, Modine Climate Solutions. "Our customers lean on us to
help them solve the heat problem in next-generation,
mission-critical IT applications where they need to maximize
processing efficiency while complying with increasingly strict
emissions and energy efficiency requirements. We look forward to
working with our key customers and partners in this increasingly
critical area, supplying complete systems with intuitive controls
that are manufactured and supported globally."
About Modine
At Modine, we are Engineering a Cleaner,
Healthier World™. Building on more than 100 years of excellence in
thermal management, we provide trusted systems and solutions that
improve air quality and conserve natural resources. More than
11,000 employees are at work in every corner of the globe,
delivering the solutions our customers need, where they need them.
Our Climate Solutions and Performance Technologies segments support
our purpose by improving air quality, reducing energy and water
consumption, lowering harmful emissions and enabling cleaner
running vehicles and environmentally-friendly refrigerants. Modine
is a global company headquartered in Racine, Wisconsin (U.S.), with operations in
North America, South America, Europe and Asia. For more information about Modine, visit
www.modine.com.
Investor Contact: Kathleen
Powers; kathleen.t.powers@modine.com; (262) 636-1687
Media Contact: pr@modine.com
Forward-Looking Statements
This press release contains statements, including information
about future financial performance and market conditions,
accompanied by phrases such as "believes," "estimates," "expects,"
"plans," "anticipates," "intends," "projects," and other similar
"forward-looking" statements, as defined in the Private Securities
Litigation Reform Act of 1995. Modine's actual results, performance
or achievements may differ materially from those expressed or
implied in these statements because of certain risks and
uncertainties, including, but not limited to those described under
"Risk Factors" in Item 1A of Part I of the Company's Annual Report
on Form 10-K for the year ended March 31,
2023 and under Forward-Looking Statements in Item 7 of Part
II of that same report and in the Company's Quarterly Report on
Form 10-Q for the quarters ended June 30,
2023 and September 30, 2023.
Other risks and uncertainties include, but are not limited to, the
following: the impact of potential adverse developments or
disruptions in the global economy and financial markets, including
impacts related to inflation, energy costs, supply chain challenges
or supplier constraints, tariffs, sanctions and other trade issues
or cross-border trade restrictions; the impact of other economic,
social and political conditions, changes and challenges in the
markets where we operate and compete, including foreign currency
exchange rate fluctuations, increases in interest rates or
tightening of the credit markets, recession or recovery therefrom,
restrictions associated with importing and exporting and foreign
ownership, public health crises, and the general uncertainties,
including the impact on demand for our products and the markets we
serve from regulatory and/or policy changes that have been or may
be implemented in the U.S. or abroad, including those related to
tax and trade, climate change, COVID-19 or future public health
threats, and military conflicts, including the current conflicts in
Ukraine and in the Middle East; the overall health and pricing
focus of our customers, including impacts associated with the
recent United Auto Workers union strikes; our ability to
successfully realize anticipated benefits, including improved
profit margins and cash flow, from our strategic initiatives and
our application of 80/20 principles across our businesses; our
ability to accelerate growth organically and through acquisitions
and successfully integrate acquired businesses; our ability to
effectively and efficiently manage our operations in response to
sales volume changes, including maintaining adequate production
capacity to meet demand in our growing businesses while also
completing restructuring activities and realizing benefits thereof;
our ability to fund our global liquidity requirements efficiently
and comply with the financial covenants in our credit agreements;
operational inefficiencies as a result of product or program
launches, unexpected volume increases or decreases, product
transfers and warranty claims; the impact on Modine of any
significant increases in commodity prices, particularly aluminum,
copper, steel and stainless steel (nickel) and other purchased
components and related costs, and our ability to adjust product
pricing in response to any such increases; our ability to recruit
and maintain talent in managerial, leadership, operational and
administrative functions and to mitigate increased labor costs; our
ability to protect our proprietary information and intellectual
property from theft or attack; the impact of any substantial
disruption or material breach of our information technology
systems; costs and other effects of environmental investigation,
remediation or litigation and the increasing emphasis on
environmental, social and corporate governance matters; our ability
to realize the benefits of deferred tax assets; and other risks and
uncertainties identified in our public filings with the U.S.
Securities and Exchange Commission. Forward-looking statements are
as of the date of this press release, and we do not assume any
obligation to update any forward-looking statements.
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