Action Plan 2035: Hydro-Québec focuses on its mission and exercises the put option of its minority interest in Dana TM4

MONTRÉAL, May 10, 2024 /CNW/ - Hydro-Québec's Action Plan 2035 sets out the company's key role in the energy transition. Significant challenges drive Hydro-Québec to refocus on its priority to decarbonize, contribute to Québec's prosperity and meet customers' expectations. Considering these circumstances and Dana TM4's solid financial performance, Hydro-Québec has decided to exercise its put option to sell its remaining 45% interest to Dana Incorporated.

"Our Action Plan 2035 is very ambitious. To carry it out, we need to focus on our core business and the $150 to $180 billion of investments required," said Maxime Aucoin, Executive Vice President – Strategy and Finance. "Hydro-Québec is proud of the achievements made during its partnership with Dana, particularly the collaborative development and marketing of the TM4 technology."

The timing is right: Dana TM4 has reached significant milestones in recent years, and since the partnership's creation in 2018, it has succeeded in securing major contracts that have grown the company's profits. The Boucherville installations are well established and the number of Dana TM4 employees at the site has more than doubled, from 127 to over 300 since 2018. Hydro-Québec's withdrawal as shareholder will not impact the continuity of activities or jobs in the region. The parties must now agree on the asset's fair market value in order to finalize the transaction.

Dana TM4 designs and manufactures electric motors, generators, power electronics and control systems suitable for the passenger, commercial, recreational and sport utility vehicle markets, as well as the marine, mining, and rail markets.

SOURCE Hydro-Québec

Caroline Des Rosiers, Hydro-Québec, [e-mail], 514 289-5005