EV component manufacturer opens U.S. headquarters in Buffalo Grove
Ymer Technology, a manufacturer of electric vehicle (EV) components for the heavy equipment industry, has opened its new U.S. headquarters in Buffalo Grove.
The company’s $5.7 million investment, supported by a Reimagining Energy and Vehicles in Illinois (REV Illinois) program grant, will enable it to produce cooling technology and thermal management systems for EVs, according to a news release.
“Illinois’ future is electric, and we’re leading the charge and open for business,” Gov. JB Pritzker said in the news release. “I’m proud to welcome Ymer Technology to our great state. Their cooling technology and thermal management systems will not only enhance our EV supply chain, they will help us make EVs more affordable, create good jobs, and grow our clean energy economy.”
Founded in 2005 in Stockholm, Sweden, Ymer Technology relocated from Houston to Lake County to take advantage of the Chicago-area market, industry leaders, and the state’s REV incentive program. This is the first in a series of planned expansions for the company.
State officials and community partners took Ymer Technology leadership and staff on a tour of sites throughout Illinois.
“The (Illinois) Department of Commerce and Economic Opportunity, Lake County Partners, and the village of Buffalo Grove worked together to support our site selection and assembled an attractive offer that highlights Illinois’ talent, work ethic, favorable climate and vast network of EV leaders,” said Frederik Peterson, founder of Ymer Technology.
Ymer Technology, which provides critical cooling technology to all-battery vehicles, joins hundreds of companies across Illinois supplying components to the automotive industry.
Illinois is home to more than 1,000 companies across the EV supply chain and has the infrastructure to support the sector’s continued growth, with more than $45 billion invested in modernizing roads, bridges, airports, ports and universities through 2025. The state also has invested more than $180 million in renewable energy workforce training since 2021 through its Climate and Equitable Jobs Act, according to the DCEO news release.
“Illinois is a leader in the clean energy economy, and our competitive incentives continue to support companies working toward our shared clean energy goals,” said Kristin Richards, director of the Illinois Department of Commerce and Economic Opportunity. “Ymer Technology highlights the REV program at work — the state made the company’s relocation to Illinois seamless and opened the doors to a world-class workforce, friendly business climate, and high quality of life. In turn, Ymer Technology is significantly investing in our community, creating new jobs, and demonstrating potential for future growth in Illinois.”
The REV Illinois program provides competitive incentives for EV, solar, renewable and energy storage manufacturers to move or expand in Illinois. With its support, Ymer Technology’s manufacturing plant will create more than 30 jobs.
“I’m thrilled that Ymer will bring more jobs to our community, where advanced manufacturing maintains the largest share of our workforce,” Buffalo Grove Village President Eric Smith said.
Lake County Board Chair Sandy Hart said Ymer Technology’s plant “showcases Lake County’s rich tradition of manufacturing — a $20 billion industry and the largest contributor to our gross regional product.”