Benzinga | Jun 25, 2021 10:47AM EDT

Renault, STMicroelectronics Collaborate On Power Electronics Systems

* Renault SA (OTC:RNLSY) and STMicroelectronics NV (NYSE:STM) bonded over the design, development, manufacturing, and supply of STMicroelectronics' products and related packaging solutions to Renault Group for the power electronics systems of battery-operated and hybrid vehicles.

* The companies will collaborate on developing efficient, rightsized, and modular components based on the understanding of Renault Group's technology needs for Silicon Carbide (SiC) devices, Gallium Nitride (GaN) transistors, along with related packages and modules.

* STMicroelectronics will benefit from significant volumes guaranteed for the annual usage of these power modules and transistors from 2026-2030.

* The partnership will help to reduce wasted energy by 45% and decrease the cost of the e-powertrain by 30% for the manufacture of affordable, profitable, and popular EVs, Renault CEO Luca de Meo said.

* Price action: STM shares traded higher by 0.19% at $36.81 on the last check Friday.