FOR IMMEDIATE RELEASE

DANVILLE, CA – May 8, 2018 – PowerSphyr, one of the world’s most innovative providers of wireless power technology, today announced that it has received an investment from Faurecia, one of the world’s leading automotive technology companies to lead PowerSphyr’s Series A round, set to close on July 30th, 2018.

“Faurecia’s innovative approach to product design and development, when coupled with PowerSphyr’s wireless power expertise will deliver a revolutionary user experience and enable innovations that will drive novel power delivery designs for passengers’ handheld devices, automotive sensors, and actuators,” stated Neil L. Ganz, Co-founder, CEO, and Chairman of the board at PowerSphyr, “We are excited to take our relationship with Faurecia to the next level and are ready to enable the innovative, elegant, and easy to use wireless charging experience that automotive customers have wanted for years.”

Powersphyr is focusing on automotive and consumer markets, each of which represents a multi-billion-dollar annual opportunity. Because wireless power technology has a very broad range of applications, the company is eager to cross-pollinate its product offerings to provide users with a seamless transition from charging their devices in the cockpit of their vehicles to the comfort of their living rooms and offices.

Powersphyr partners with OEMs and their suppliers to implement customer concepts in wireless power designs, and readies those modules for mass production. Powersphyr licenses manufacturing to third parties and does selected mass production.

About PowerSphyr:

PowerSphyr Inc. is a leading provider of innovative wireless power solutions for automotive and consumer uses. It is the only solutions provider that seamlessly optimizes leading wireless power technology standards like AirFuel Resonant and Qi. For more information, visit https://www.powersphyr.com/ or follow us on Facebook, Twitter or LinkedIn @PowerSphyr.

About Faurecia:

Founded in 1997, Faurecia has grown to become a major player in the global automotive industry. With 290 sites including 30 R&D centers and 109,000 employees in 35 countries, Faurecia is now a global leader in its three areas of business: automotive seating, interior systems and clean mobility. Faurecia has focused its technology strategy on providing solutions for smart life on board and sustainable mobility.  In 2017, the Group posted total sales of €20.2 billion and value-added sales of €17.0 billion. Faurecia is listed on the Euronext Paris stock exchange and is a component of the CAC Next 20 index. For more information, please visit www.faurecia.com

Media Contact:
Nima Jafarian
Vice President, Product Management and Marketing
nima.jafarian@powersphyr.com