BorgWarner, an Auburn Hills-based clean energy solutions provider, today announced a $10-million investment in Autotech Ventures, a venture capital fund that facilitates partnerships between financial investors, strategic corporate investors, and startups focused on the future of transportation. The investment allows BorgWarner to review hundreds of global startups within the transportation industry.
BorgWarner’s chief strategy officer, Brady Ericson, says the investment will lead to opportunities outside the company’s current portfolio, including propulsion technologies and mobility areas.
“While we remain focused on providing industry-leading propulsion technologies, we expect this partnership to provide global access to new technologies and services, inside and outside of our core product strengths,” he says. “As with all of our recent investments, this contributes to our larger strategy to maintain a product portfolio that supports a cleaner, more energy-efficient world.”
Ericson says a key factor in the investment was Autotech Ventures ability to help BorgWarner easily adapt to the changing demands of the industry. While trends from electrification and autonomy continue to evolve, BorgWarner’s recent business moves have involved defining the company’s position in the future automotive landscape.
In addition, BorgWarner has tripled its in-house power electronics engineering team since 2013, and has plans to double its existing staff by 2021.
BorgWarner currently employs 27,000 at 62 locations in 17 countries worldwide.