GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >> Banking

 
  Share
Alliance Ventures to Prioritize Next-generation Mobility With $200 Million Year-one Funding
  • New entity to act as main interface for start-ups, investors and the venture capital ecosystem
  • Fund prioritizes open innovation in new mobility, including electrification, autonomous systems, connectivity and artificial intelligence
  • First deal to be a strategic investment in Ionic Materials, a US company developing cobalt-free solid-state battery materials
Dubai, UAE, January 10, 2018: Renault-Nissan-Mitsubishi, the world's leading automotive alliance, today announced the launch of Alliance Ventures, a new corporate venture capital fund that plans to invest up to $1 billion to support open innovation over the next five years.
In its first year, the fund expects to invest up to $200 million in start-ups and open innovation partnerships with technology entrepreneurs focused on new mobility, including vehicle electrification, autonomous systems, connectivity and artificial intelligence.
With further annual investments, Alliance Ventures is set to become the largest corporate venture capital fund in the automotive industry over the period of Alliance 2022, the strategic midterm plan launched last year by Renault-Nissan-Mitsubishi.
Carlos Ghosn, chairman and chief executive officer of Renault-Nissan-Mitsubishi, said: “Our open innovation approach will allow us to invest and collaborate with start-up companies and technology entrepreneurs, who will benefit from the global scale of the Alliance. This new fund reflects the collaborative spirit and entrepreneurial mind-set at the heart of the Alliance.”
The new fund is unique because it offers potential partners access to the global scale and scope of Renault-Nissan-Mitsubishi, which sold more than 10 million vehicles in 2017 through 10 separate brands with a presence in all major automotive markets.
Alliance Ventures will invest in start-ups to bring new technologies and businesses to the Alliance while ensuring a fair financial return. The fund will make strategic investments at all start-up stages and will incubate both new automotive entrepreneurs and forge new partnerships.
The first deal by Alliance Ventures will be a strategic investment in Ionic Materials, a promising US-based company which is developing solid-state cobalt-free battery materials. The equity acquisition coincides with the execution of a joint-development agreement with the Alliance for the purpose of R&D cooperation. Ionic, based in Massachusetts, is the developer of a pioneering solid polymer electrolyte that enables improved performance and cost effectiveness of high-energy density batteries for automotive and multiple other applications.
By making such investments, Alliance Ventures will help identify and support the development of new technologies for potential use by Alliance members. Such initiatives are aligned with the objectives of Alliance 2022, which aims to strengthen cooperation and to double the annualized synergies generated by Renault,
Nissan and Mitsubishi Motors to more than €10 billion by the end of 2022.
The $200 million initial venture capital investment comes in addition to more than €8.5 billion in total annual research and development investments by the Alliance members.
Alliance Ventures will be led by François Dossa, who has over 20 years of experience in investment banking, plus six years of experience within the Alliance, most recently, as chief executive officer of Nissan Brazil. The Alliance Ventures team will also draw on the expertise and business opportunities identified by a Cross-Functional Team of experts from Renault, Nissan, and Mitsubishi.
This initiative complements the Alliance strategy to seek incremental revenues, cost savings and cost-avoidance in areas including electrification, autonomous drive systems and vehicle connectivity. By the end of its strategic plan, the Alliance will launch 12 pure electric models, utilizing common EV platforms and components, while also bringing to market 40 vehicles with autonomous drive technology and developing robo-vehicle ride-hailing services.
Alliance Ventures will define innovation areas and geographic markets for investment, working with existing research and advanced engineering teams, and will recruit venture capital experts to develop the platform. It is expected to be co-located in Silicon Valley, Paris, Yokohama and Beijing, close to the technology and research centers of the Alliance member companies, as well as to areas with strong innovation ecosystems.
Renault (40%), Nissan (40%) and Mitsubishi Motors (20%) will jointly fund the entity, which will have a dedicated investment committee to make investment decisions and monitor their performance.
“This investment initiative is designed to attract the world's most promising automotive-technology start-ups to the Alliance,” said Carlos Ghosn.
As part of the Alliance 2022 strategic plan, Renault-Nissan-Mitsubishi is forecasting that the combined revenues of its member companies will reach $240 billion and that annual unit sales will exceed 14 million by the end of 2022.



Posted by : GoDubai Editorial Team
Viewed 5612 times
Posted on : Wednesday, January 10, 2018  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : Ahmed Bin Saeed inaugurates Richemont's new state-of-the-art operations center in DAFZA
Next Story : Mashreq Bank offering credit cards for every passion
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
AIGNER Love
New Year, New Skincare!
Signature Scents for Your Home
Spring/Summer 18' Beauty Picks from Missha Cosmetics
5 Different Types of Denim and How to Wear Them
Mido's Baroncelli Prisma - A sparkling play of prisms enhanced by 51 diamonds'
The Trésor Collection
Seamaster Olympic Games Collection
The Balmain de Balmain Moon Phase Collection - loves personalisation to the moon...
Tommy Hilfiger Announces Fall 2017 Watches Collection
Malabar Gold & Diamonds strengthens its global position as a leading jewellery r...
“12th Edition of SNF's Family Fun Fair”
Sophie's Café brings all the goodness to Barsha Neighbourhood
ESC's INDIASOFT to Bring Over 400 ICT Foreign Buyers To Bengaluru
CG of India declared Champion at the 2nd Diplomat Cricket Cup by Skyline Univers...
HydroPeptide Launches Nimni Cream in UAE
LG to Launch UltraFine 5k Display Tailored for Mac Users
Womenswear Preview and Showroom Connection: WHITE Man & Woman's Formula Bets on ...
Bioré's Baking Soda Range
EUROSTAR presents seven global tech majors at CABSAT 2018
Defender Lives on: Land Rover Launches V8 Edition To Celebrate 70th Anniversary
Nissan reaffirms importance of electrification at World Future Energy Summit
Dubai Tour team line-up announced: 16 teams of seven riders at the start
Pure Gold Jewellers Unveils Collection of Special Edition Diamond Pendants for V...
LG Electronics Earns CES 2018 Best TV Product Honors for LG AI OLED TV
Masdar Institute and Cleanergy Partner in Research on Thermal Energy Storage for...
Dubai Outlet Mall celebrates DSF 2018 with amazing attractions for shoppers
Bleu Blanc by David Myers announces its Friday Brunch and unique spa and dine Va...
Go the extra mile this Valentine's Day with Robinsons
His Highness Sheikh Hasher bin Maktoum bin Juma Al Maktoum Visits du's Stand on ...
Gifts for Valentine's Day at Hour Choice
Dubai's Star Business Centre becomes the first commercial centre to accept crypt...
Ahlan Business Class Lounge by Dubai International Hotel wins Priority Pass Midd...
HH Sheikh Hasher Bin Maktoum Al Maktoum opens CABSAT 2018
2018 ‘Camel Trek' of the UAE embarks from ‘Empty Quarter' in Abu Dhabi
Masdar unveils locally manufactured all-electric Eco-Bus at Abu Dhabi Sustainab...
IRENA Commission to analyse how energy transformation driven by renewables will ...
IHG® partners with Global EVRT for ‘Electric Vehicle Road Trip Middle East 2018'
UAE Team Emirates to Take on Vuelta a San Juan in Second Race of 2018 Season
Is this Abu Dhabi's Most Lavish Valentine's Day Deal?
Toyota and Lexus on a mission to drive decarbonized mobility at Abu Dhabi's Worl...
Under the patronage of H. H. Sheikh Hamdan Bin Rashid Al Maktoum, 8th Emirates ...
Emirates signs agreement for up to 36 additional A380s
11th World Future Energy Summit Opens its Doors in Abu Dhabi
Major Business Deals Announced on Day Two of World Future Energy Summit in Abu Dhabi
Dimitrov Leads the Hunt for Dubai Duty Free Tennis Championships Title
Launching Scheme of Projects and Initiatives that Enforce Water and Electricity ...
H.E Dr. Thani Alzeyoudi, Minister, Ministry of Climate Change and Environment, U...
Autonomous vehicle specialist NAVYA to realise expansion of Masdar City sustain...
Longlist, judges and dates announced for International Prize for Arabic Fiction 2018