Jan 10: Motherson Sumi Systems Ltd (MSSL), the flagship company of the Samvardhana Motherson Group, through its subsidiary Samvardhana Motherson Automotive Systems Group BV (SMRP BV), on Tuesday announced the formation of a Joint Venture (JV) with Ossia Inc., the US-based developer of the patented Cota real wireless power technology.
“Motherson Innovations Company Ltd (MI), a subsidiary of Samvardhana Motherson Automotive Systems Group BV (SMRPBV), will hold majority share in the JV and will aim at bringing Ossia’s Cota power system into the interiors of some of the world’s most popular vehicles. The newly formed entity will be based in the USA, supported by SMG’s global organisation,” the company said.
Globally, the JV will focus on the integration of Cota technology into a wide range of non-military passenger, commercial and public transportation vehicles.
“The JV aims to have its systems deployed in both private and public vehicles by 2021 to not only deliver continuous wireless power to occupants’ personal devices, but also power various sensors in and on the vehicles themselves,” the company added.
In addition, the JV will be the distributor of all Cota wireless power products across multiple verticals such as Iot and consumer devices in India.
Meanwhile, apart from the JV, MI will also invest $14 million for a 4.5% equity stake in Ossia Inc.
The news came in after market trading hours on Tuesday. Shares of Motherson Sumi Systems were trading in red at Rs 381.75, down 0.33% from the previous closing of Rs 383, on BSE at 1.02 pm today.