Technology

Modine Announces Performance Technologies Segment Leadership Change

Published

1 year ago

February 26, 2025

Leveraging 80/20 processes to accelerate transformation of Performance Technologies segment; long-term strategy remains on track

RACINE, Wis., Feb. 26, 2025 /PRNewswire/ — Modine (NYSE: MOD), a diversified global leader in thermal management technology and solutions, today announced that Adrian I. Peace, President, Performance Technologies, will no longer serve in this role and will terminate employment with the company effective September 30, 2025. Neil D. Brinker, Modine’s President and Chief Executive Officer, will assume leadership of the segment on an interim basis.

“I would like to thank Adrian for his leadership and service to Modine,” said Mr. Brinker. “Our strategy to reposition the Performance Technologies segment towards a higher growth, higher margin mix of business by leveraging our 80/20 discipline remains on track. The business segment has a deep and experienced leadership team and I look forward to working closely with them as we continue to execute our strategic plans. Performance Technologies remains on track to deliver strong financial results, including our financial goal of achieving 15% to 18% adjusted EBITDA margins over the next two years.”

Modine plans to initiate a comprehensive search for Mr. Peace’s successor.

About Modine

At Modine, we are Engineering a Cleaner, Healthier World™. Building on more than 100 years of excellence in thermal management, we provide trusted systems and solutions that improve air quality and conserve natural resources. More than 11,000 employees are at work in every corner of the globe, delivering the solutions our customers need, where they need them. Our Climate Solutions and Performance Technologies segments support our purpose by improving air quality, reducing energy and water consumption, lowering harmful emissions and enabling cleaner running vehicles and environmentally friendly refrigerants. Modine is a global company headquartered in Racine, Wisconsin (U.S.), with operations in North America, South America, Europe and Asia. For more information about Modine, visit www.modine.com.

Forward-Looking Statements

This press release contains statements, including information about future financial performance and market conditions, accompanied by phrases such as “believes,” “estimates,” “expects,” “plans,” “anticipates,” “intends,” “projects,” and other similar “forward-looking” statements, as defined in the Private Securities Litigation Reform Act of 1995. Modine’s actual results, performance or achievements may differ materially from those expressed or implied in these statements because of certain risks and uncertainties, including, but not limited to those described under “Risk Factors” in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the year ended March 31, 2024 and under Forward-Looking Statements in Item 7 of Part II of that same report and in the Company’s Quarterly Report on Form 10-Q for the quarters ended June 30, 2024, September 30, 2024, and December 31, 2024. Other risks and uncertainties include, but are not limited to, the following: the impact of potential adverse developments or disruptions in the global economy and financial markets, including impacts related to inflation, energy costs, government incentive or funding programs, supply chain challenges or supplier constraints, logistical disruptions, tariffs, sanctions and other trade issues or cross-border trade restrictions; the impact of other economic, social and political conditions, changes and challenges in the markets where we operate and compete, including foreign currency exchange rate fluctuations, changes in interest rates, tightening of the credit markets, recession or recovery therefrom, restrictions associated with importing and exporting and foreign ownership, public health crises, and the general uncertainties, including the impact on demand for our products and the markets we serve from regulatory and/or policy changes that have been or may be implemented in the U.S. or abroad, including those related to tax and trade, climate change, public health threats, and military conflicts, including the conflicts in Ukraine and in the Middle East and tensions in the Red Sea; the overall health and pricing focus of our customers; changes or threats to the market growth prospects for our customers; our ability to successfully realize anticipated benefits, including improved profit margins and cash flow, from our strategic initiatives and our application of 80/20 principles across our businesses; our ability to be at the forefront of technological advances and the impacts of any changes in the adoption rate of technologies that we expect to drive sales growth; our ability to accelerate growth organically and through acquisitions and successfully integrate acquired businesses; our ability to effectively and efficiently manage our operations in response to sales volume changes, including maintaining adequate production capacity to meet demand in our growing businesses while also completing restructuring activities and realizing benefits thereof; our ability to fund our global liquidity requirements efficiently and comply with the financial covenants in our credit agreements; operational inefficiencies as a result of product or program launches, unexpected volume increases or decreases, product transfers and warranty claims; the impact on Modine of any significant increases in commodity prices, particularly aluminum, copper, steel and stainless steel (nickel) and other purchased components and related costs, and our ability to adjust product pricing in response to any such increases; our ability to recruit and maintain talent in managerial, leadership, operational and administrative functions and to mitigate increased labor costs; our ability to protect our proprietary information and intellectual property from theft or attack; the impact of any substantial disruption or material breach of our information technology (“IT”) systems; the impact of a material weakness identified in our internal controls related to IT system access in Europe on our financial reporting process; costs and other effects of environmental investigation, remediation or litigation and the increasing emphasis on environmental, social and corporate governance matters; our ability to realize the benefits of deferred tax assets; and other risks and uncertainties identified in our public filings with the U.S. Securities and Exchange Commission. Forward-looking statements are as of the date of this press release, and we do not assume any obligation to update any forward-looking statements.

Kathleen Powers
(262) 636-1687
kathleen.t.powers@modine.com

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SOURCE Modine

Technology

JA Solar Summit Highlights Shift Toward Solar-Storage Integration as Global Demand Holds Firm

Published

27 minutes ago

April 21, 2026

BEIJING, April 20, 2026 /PRNewswire/ — The 5th Global Solar and Energy Storage Summit 2026, hosted online by JA Solar, brought together over 20+ senior representatives from leading international organizations and industry players to share insights on the accelerating energy transition. The summit featured keynote speeches and panel discussions with influential voices from the IRENA, S&P Global, BloombergNEF, SolarPower Europe, TÜV NORD, as well as prominent utilities, developers, investors, and technology companies worldwide. With a global audience exceeding 20,000 participants from 30+ countries, the event highlighted the growing integration of solar and energy storage as central to a cleaner, smarter, and more resilient energy future.

Record-Breaking Renewable Deployment in 2025

IRENA’s Ilina Stefanova opened the summit by underscoring the scale and urgency of the global energy transition. “2025 marked a record year for renewable energy, with 692 GW of new capacity deployed globally, and solar contributing 75% of the total,” she said. However, she emphasized the need for stronger policy and investment frameworks to sustain this momentum and meet 2030 climate targets.

S&P Global’s Holly Hu followed with the latest market outlook, noting that global solar installations reached 617 GW in 2025, driven by robust activity in China, Europe, and North America. While she acknowledged potential growth moderation in 2026, Hu emphasized an industry shift from scale-dominated competition to smarter, more value-driven strategies.

Solar + Storage + X: The Future of Energy Solutions

Dr. Zi Ouyang, President of Product and Solution R&D Centre and CTO of JA Solar, delivered a keynote on how integrated solutions are shaping the next phase of clean energy deployment. He introduced “Solar + Storage + X” as the industry’s path forward, where combined technologies create new opportunities across utility-scale, commercial, and residential markets.

“The future of energy lies in integration,” said Dr. Ouyang. “Standalone solar PV systems are no longer sufficient to meet today’s increasingly complex demands. By integrating storage and advanced solutions, we can unlock significant value and provide the flexibility necessary for tomorrow’s global energy systems.” He also highlighted JA Solar’s expertise in enabling scenario-specific solutions, including AI-powered data centers, industrial parks, and remote microgrids.

Driving Value Creation Across Global Markets

Two panel discussions explored the changing dynamics of solar and storage integration.

The first, “Global Perspectives: New Value Drivers and Growth Opportunities,” discussed the industry’s pivot toward value-based development. Panelists emphasized how system efficiency, long-term performance, and financial optimization are replacing cost as priorities, with integrated solutions emerging as critical to capturing project value and market flexibility.

The second panel, “Energy Transformation Across Every Scenario: From Deserts to Cities,” explored the application of solar and storage in emerging sectors such as AI Data Centers (AIDC), mining, modern agriculture, and transportation infrastructure. Panelists highlighted innovations addressing diverse energy demands while tackling challenges like system resilience in extreme environments, from remote deserts to urban microgrids.

JA Solar’s Global Leadership in Integrated Energy Growth

The summit reflected the industry’s transition into a transformative phase defined by integration, intelligence, and scenario diversity. As the event organizer and a leading global innovator in solar technology, JA Solar reaffirmed its commitment to accelerating the adoption of high-performance, sustainable energy solutions.

“At JA Solar, we believe collaboration and innovation are fundamental to building a sustainable energy future,” said Dr. Zi Ouyang. “Through advanced technologies and strong partnerships, we aim to deliver scalable, resilient solutions that meet the evolving needs of customers worldwide.”

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SOURCE JA Solar Technology Co., Ltd.

Technology

Ascentium Acquires Dezan Shira & Associates, Expanding its Footprint to 27 Markets and Strengthening Corporate Services Capabilities

Published

27 minutes ago

April 21, 2026

SINGAPORE, April 21, 2026 /PRNewswire/ — Ascentium, a leading global business services platform headquartered in Singapore, has completed its acquisition of Dezan Shira & Associates (“Dezan Shira”), a multi-disciplinary professional services firm with more than three decades of experience advising foreign investors across Asia.

This strategic move significantly expands Ascentium’s reach and capabilities across Asia, the United States, and Europe, enabling the group to guide businesses from pre-investment market assessment through long-term operations, while further deepening its advisory expertise for international businesses operating across these regions.

Expanding cross-border capabilities

With this acquisition, Ascentium now operates in 27 markets, including new locations such as Mongolia, Poland, Germany and Italy, thereby enhancing its ability to support clients with cross-border investments and multi-jurisdictional operations. The addition of Dezan Shira’s network complements Ascentium’s existing footprint in Southeast Asia, positioning the group as one of the most extensive on-the-ground advisory platforms supporting foreign investment in Asia.

This expansion further enables Ascentium to serve clients on the Chinese mainland more effectively, especially foreign investors seeking to enter or scale in this dynamic market. Added to the established network of InCorp International, an Ascentium Company, the incorporation of Dezan Shira contributes three new offices in Suzhou, Tianjin, and Zhongshan, extending Ascentium’s presence across the Chinese mainland to 15 locations.

With a network spanning major commercial hubs including Beijing, Shanghai, Shenzhen, Guangzhou, and Tianjin, Ascentium delivers clear answers and hands-on support to help businesses navigate regulatory complexity and build a strong, compliant presence with confidence.

Deepening advisory and intelligence capabilities

Dezan Shira brings over three decades of experience advising foreign investors in Asia, with recognised strengths in regulatory analysis, business intelligence, investment structuring, tax advisory and technology-enabled solutions. These capabilities complement Ascentium’s established services in incorporation, multi-country HR and payroll, ESG and tax advisory, and fiduciary – creating an integrated platform that supports clients from market entry through long-term growth.

Multinational enterprises, regional headquarters, and growth-oriented businesses will benefit from greater scale, deeper regulatory expertise, and a unified service platform designed to navigate complex cross-border business environments.

Asia Briefing: Business intelligence and market insights platform

The acquisition also brings Asia Briefing, Dezan Shira’s business intelligence and research arm, into Ascentium’s ecosystem. Through its Doing Business guides, digital publications, and daily regulatory analysis, Asia Briefing is the leading source for insights on market entry, compliance, regulatory developments, and business news across Asia.

The Asia Briefing platform strengthens the combined group’s ability to pair on-the-ground advisory services with timely, region-wide intelligence to support informed decision-making.

Alberto Vettoretti, Managing Partner of Dezan Shira & Associates, said, “Joining Ascentium marks an exciting new chapter for Dezan Shira & Associates. By combining our expertise with Ascentium’s global platform and execution capabilities, we can deliver even greater value to clients looking to expand and succeed in multiple markets.”

Lennard Yong, Founding Management and Group CEO of Ascentium, added, “This acquisition brings us closer to a fully connected advisory platform across Asia and beyond. With Ascentium’s execution strength and Dezan Shira’s market intelligence and regulatory expertise, we can guide businesses through every stage of expansion, from pre-investment assessment through sustained operations, whether they are entering one new market or scaling across multiple jurisdictions.”

About Ascentium

Ascentium is a leading global business services platform dedicated to helping businesses and individuals scale greater heights. Headquartered in Singapore, we drive extraordinary growth through expert people, purpose-led technology, and an unwavering commitment to service excellence.

With over 2,600 professionals across 46 cities in 23 markets globally, we deliver integrated solutions in corporate services, finance and accounting, fund administration, human resources, and fiduciary and trust services. Serving more than 63,000 client entities across diverse industries, Ascentium combines specialised expertise with innovative, technology-enabled solutions to help clients navigate complexity and unlock new opportunities for sustainable growth.

For more information, visit: ascentium.com

About Dezan Shira & Associates

Founded in 1992, Dezan Shira & Associates is a professional services firm advising foreign investors and multinational enterprises entering and operating across Asia.

The firm provides business intelligence and market entry, corporate establishment and licensing, accounting, tax advisory, payroll and HR administration, internal audit and risk advisory, as well as technology-enabled financial software and ERP solutions.

With more than 300 professionals operating from 27 offices globally, Dezan Shira & Associates maintains one of the region’s most extensive integrated advisory platforms dedicated to foreign direct investment and cross-border operations.

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SOURCE Ascentium

Technology

Thunes Launches Real-Time Payments into New Zealand

Published

27 minutes ago

April 21, 2026

Members of Thunes’ Direct Global Network can now send real-time payments to bank accounts in New Zealand, further strengthening the company’s presence in the Asia-Pacific region.

BANGKOK, April 21, 2026 /PRNewswire/ — Thunes, the Smart Superhighway to move money around the world, today announced the expansion of its Direct Global Network with the launch of direct, real-time Pay-to-Bank services into New Zealand.

This expansion enhances Thunes’ cross-border payment capabilities in the Asia-Pacific region, providing Members of the Thunes Direct Global Network with faster and more transparent payment solutions for both consumer and business transactions. With this launch, users can easily transfer NZD directly to New Zealand bank accounts. Transactions can be made either through a direct API integration to Thunes or by leveraging existing Swift connectivity.

New Zealand is increasingly focused on upgrading its financial infrastructure to support real-time digital trade and the burgeoning gig economy. As the nation transitions to a next-generation payments ecosystem, real-time transactions are forecasted to grow at a CAGR of 21.3% through 2027.

Eugene Chua, Head of Network, APAC, at Thunes, said: “At Thunes, we’re dismantling the legacy friction that creates barriers to the global digital economy. Asia Pacific is where the Thunes story began, so we are especially pleased to be strengthening our reach in a high-growth market like New Zealand. Geography should never hinder ambition, and we are proud to be the engine driving financial connectivity, providing the infrastructure that supports and empowers businesses and individuals to benefit from international money movement and participate more fully in the global economy.”

With this expansion, Thunes reinforces its position as a leading provider of real-time cross-border payments. Its Direct Global Network leverages Thunes’ in-house SmartX Treasury System for AI-driven forecasting and real-time liquidity management, and its Fortress Compliance Platform, which benefits from over 50 licences worldwide. This ensures every payment is executed with the highest levels of security, compliance, and operational efficiency.

NOTES TO EDITORS:

Thunes will be attending Money20/20 Asia in Bangkok from April 21-23, 2026, located at booth 6005. Schedule a meeting here.

For more information about Thunes, visit: https://www.thunes.com/

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