Parker Hannifin, Cleveland, announced that it has completed a minority equity investment agreement with Freedom Innovations, Irvine, California. The agreement expands Parker and Freedom Innovations’ partnership, which began in July 2013 with a technology collaboration related to intelligent, powered orthotics and prosthetics. Financial terms of the transaction were not disclosed.
“This agreement marks a significant step forward in our desire to build a meaningful business for Parker in human motion,” said Achilleas Dorotheou, vice president and head of the human motion and control business unit for Parker, which also has a licensing agreement with Vanderbilt University to commercialize its Indego exoskeleton. “Freedom Innovations shares our vision of building smart, powered, connected devices that improve the quality of life for mobility-impaired people. We look forward to collaborating with them…in the neuro-rehabilitation, prosthetics, and orthotics markets.”
“We are pleased to expand our partnership with Parker Hannifin,” said Maynard Carkhuff, chairman and CEO of Freedom Innovations. “Parker’s world-class capabilities in technology and engineering will benefit our organization in multiple ways. The companies share mission-driven, dynamic cultures of innovation, which will make us strong collaborators….”