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 and Investments

 
  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 14512 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
Mouawad Acquires The 51.38 Carat Dynasty Diamond From ALROSA
Panasonic's latest LUMIX DMC-TZ220 is the Ultimate Travel Companion
Summer Spirit
Introducing the GUESS Jeans Fall 2018 Collection
Instantly Refreshed Hair with HASK
Build Your Perfect Skincare Routine with Essentials from Glambeaute.com
Joyalukkas brings joy to hundreds around the world with summer gold bar giveaway
How to choose the right mascara
Cerruti 1881 MOLVENO timepiece and cufflinks
Kaya Skin Clinic's Expertise is pushing the Boundaries of Botox
Tissot Chrono XL NBA Team Collection Sporty Gets Smart
Hour Choice presents Coach Astor Collection
Transform your look with the ‘Perfect Brows'
Creating #futureclassic: Swatch Launches Skin Irony Collection
Joyalukkas adds a new destination for jewellery lovers in Al-Balad, Jeddah, KSA
Head to Modhesh World for Summer Fun Before the School Run
Delicious Whole Cakes at Sophie's Café from AED99
Carl F. Bucherer Presents Adamavi Collection
13 Emirati Authors Launched into the Portuguese Book Market
Never Run Out of Space for Those Joyful Summer Holiday Memories With Western Digital
Favourite florals: Bloom with our top floral picks from bebe
Business Wear by Hugo Boss
Ferrari introduces the world's first low-bake paint technology
The new Rado HyperChrome Chronograph in bronze and high-tech ceramic
Scuderia Ferrari presents ASPIRE collection
“The world is thirsty for an Arab superhero"
Carl F. Bucherer's Global Brand Ambassador Li Bingbing and Her Carl F. Bucherer ...
The Marriott International cyclist team completes 600km R2A cycle challenge
Joyalukkas opens newest showroom in Kuwait at Farwaniya
New Addition to the HUAWEI Nova 3 Series: On-trend and fashionable HUAWEI nova 3...
Calligraphy, etching and Palestinian embroidery: Learn it all at Tashkeel this S...
Nazih Introduces New Dr. Renaud Skincare Range
Big Android Breakthrough: Huawei's power packed GPU Turbo upgrade will turn you...
‘The Little Things' That Makes Summer All The More Enjoyable
XTouch Announces the Launch of the Robot Family Range of Rugged Mobile Phones
Let your kids enjoy some dancing at James & Alex Dance Studios
MEFMA reaffirms commitment to promote entrepreneurship & innovation across local...
The 2nd Edition of the Phanes Group Solar Incubator set to kick off 7th August 2018
du LaLiga HPC Top Talents Arrive in Spain for 21-day Annual Scouting Camp
Picking the Perfect Coffee Table with Home and Soul Dubai
Hilton Launches New Platform Dedicated to Offering Guests Bespoke, Unforgettable...
Danube Properties' Dh550 million Lawnz project at International City, sold out i...
VIP Golf Austin Offers Golf Packages For the Avid Tourist
Traditional Thali Indulgence at Antique Bazaar
Celebrate India's Independence Day with Sparkles of India
Dubai Judicial Institute collaborates with Union Coop to support the 7th Dubai J...
Advanced Treatment to Tackle Orthopaedic Issues in Adults Take Center Stage at C...
FREE DANCE WEEK is back at James & Alex Dance Studios
Dubai Tourism Publishes ‘12 Steps Towards Sustainability' Manual to Guide Hotels...
Fitness in DXB to Launch ‘the Pursuit of Happiness' Evening for Yoga and Inspiration