Listing: TSX Venture Exchange
Times Electric Innovation Centre to be located in Birmingham, West Midlands, UK
LINCOLN, England, Jan. 29, 2018 /CNW/ - Dynex Power Inc. (TSXV: DNX), a leading, high power semiconductor company, today announces a substantial new investment in the UK by its majority shareholder, CRRC Times Electric. The Times Electric Innovation Centre (TEIC) will be established in the first half of 2018 in Birmingham, England, and will focus on cutting-edge research and development of semiconductor-based products and technology across a wide power range. This research will be applicable to key growth markets, including electric vehicles, rail traction, aerospace, power distribution and renewable energy.
Over the coming years, the TEIC is expected to grow to include hundreds of research and development engineers, as part of the strategy for the combined CRRC-Times Electric and Dynex partnership being a major global leader in semiconductor technology.
Dynex will have full, royalty-free, access to the semiconductor-related outputs of the new TEIC that are relevant to the Dynex business strategy.
Research and Development will continue on the Lincoln UK site as before. Dynex has been heavily focused on the acceleration of its new product introduction, including the release - within the last 12 months - of industry-leading Trench Gate and DMOS high-power IGBT modules, a world-first design of Press-Pack IGBTs, new HVDC products, and the launch of a new Foundry Services business. Further developments in the Lincoln R&D Centre will see yet more new product releases in the coming months from Dynex, as the company secures its position as a high-power semiconductor technology leader.
Clive Vacher, Dynex President and CEO, commented, "We welcome the decision of CRRC Times Electric to make such a significant investment in technology development in the UK. The new Times Electric Innovation Centre will bring substantial incremental capabilities to our portfolio, and help us to accelerate our journey towards technological leadership in the industry. Dynex will work in partnership with TEIC over the coming years, and our customers will benefit from further enhancements to the technology, efficiency and quality of our products and solutions. This investment is also a great endorsement of the quality of British technology and innovation."
Liu Ke'an, the Chairman of Dynex and General Manager of CRRC Times Electric, added, "The new Times Electric Innovation Centre is a significant investment decision, highlighting our commitment to innovation, research and development in the UK. It forms a major part of our growth strategy in the semiconductor industry as a whole, and will provide great enhancements to the capabilities and success of Dynex in the future."
In commenting on its expectations, the Company cautioned existing and potential shareholders about relying on the Company's expectations in that the Company's expectations contain forward looking statements and assumptions which are subject to the risks and uncertainties of the markets and the future, which could cause actual results to differ materially from expectations, and which are each difficult and subjective to forecast. Certain of those risks and uncertainties are discussed in the Management's Discussion and Analysis for the quarter ended March 31st , 2016 and include, among other things, risks and uncertainties relating to: the level of worldwide demand for power semiconductors and power semiconductor assemblies; the level of investment in power electronic equipment, electrification of transport systems, alternative power generation and high quality power transmission and distribution; and fluctuations in exchange rates between Canadian Dollars, Sterling, US dollars and Euros. As a consequence of these and other risks and uncertainties, shareholders and potential investors must make their own independent judgments about the accuracy and reliability of the Company's expectations. Dynex disclaims any intention or obligation to update or revise any forward looking statement whether as a result of new information, future events or otherwise.
About the Company
Dynex designs and manufactures high power bipolar semiconductors, high power insulated gate bipolar transistor (IGBT) modules and die, high power electronic assemblies and radiation hard silicon-on-sapphire integrated circuits (SOS IC's). The company's power products are used worldwide in power electronic applications including electric power transmission and distribution, renewable and distributed energy, marine and rail traction motor drives, aerospace, electric vehicles, industrial automation and controls and power supplies. The Company's IC products are used in demanding applications in the aerospace industry. Dynex Semiconductor Ltd is its only operating business and is based in Lincoln, England in a facility housing the fully integrated silicon fabrication, assembly and test, sales, design and development operations. In 2008, a majority of the shares of Dynex were acquired by Zhuzhou CSR Times Electric Co., Ltd. In April 2016 this company changed its name to Zhuzhou CRRC Times Electric Co., Ltd.
Zhuzhou CRRC Times Electric Co., Ltd. is based in Hunan Province in the People's Republic of China. It is listed on the Hong Kong Stock Exchange. CRRC Times Electric is mainly engaged in the research, development, manufacture and sales of locomotive train power converters, control systems and other train-borne electrical systems, as well as the development, manufacturing and sales of urban railway train electrical systems. In addition, CRRC Times Electric is also engaged in the design, manufacturing and sales of electric components including power semiconductor devices for the railway industry, urban railway industry and non-railway purposes.
Press announcements and other information about Dynex are available at www.dynexpower.com.
Further information on CRRC Times Electric can be found at www.timeselectric.cn/en
All monetary values expressed in this release are in Canadian Dollars unless stated otherwise.
The TSX Venture Exchange has neither approved nor disapproved of the information in this press release.
SOURCE Dynex Power Inc.
For further information: Clive Vacher, President and Chief Executive Officer, Dynex Power Inc., Tel: +44 1522 500 500, Email: [email protected]