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 16531 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
Michael Kors Unveils Spring 2019 Michael Kors Collection Ad Campaign
Flaunt your gravity-defying hairstyles to become the face of our brand
Linda Meredith Luxury Skincare Now at Coya Spa, Mirdif
City of gold celebrates the joy of new year with amazing wins this Dubai Shoppin...
Facial Peels – What Are They?
St. Valentine's Day
Sony Unveils Newest Products and Introduces Latest Efforts from Entertainment B...
Hask's Winter Care for Your Hair
Celebrate Valentine's Day with GUESS
New Lamborghini Huracán EVO: elevation of technologies for amplified drivin...
Start the Year with some TLC and enjoy the fantastic offers at The SPA at Steige...
Corum Heritage Eleganza- A luxury feminine piece
Trend Alert: Stay Timeless and Classy With a D1 Milano Timepiece
Morison Menon strategically integrates with Kreston International and rebrands ...
Rolls-Royce Motor Cars Achieves Historic Business Record
Tissot Chemin des Tourelles
Nokia 8 Sirocco blends premium craftsmanship and latest innovation with Android™...
Gharib Lands Al Shira'aa Double As One-Star Event Comes To A Close
LG Electronics' Promise of AI for an even Better Life Delivered at CES 2019 Keynote
Continental Commissions First Driverless Tyre Test Vehicle
Hankook 24 Hours of Dubai kicks off the 2019 season for Audi
19 reasons to fly with British Airways in 2019
Joyalukkas Shopper wins BMW Car in the ongoing DSF Mega Promotion
Malabar Gold DSF Winner Photo for Release - Babul Hussain
Celebrate the Month of Love with a Brighter Smile at The Smile Bar
HP Opens CES 2019 with Stunning Displays, PCs and Security Innovations
Malabar Gold & Diamonds opens a new showroom in Millennium Dubai Airport Hotel t...
Global Village presents Scheherazade, a timeless tale of intrigue and adventure
Eberhard & Co. Main Sponsor of Winter Marathon 2019
Longchamp Spring/summer 2019 Show
Turkish Airlines reached the 80.2% Load Factor in December 2018.
Samsung Smart TVs to Launch iTunes Movies & TV Shows and Support AirPlay 2 Begin...
Epson to participate at SGI 2019 for the 10th year highlighting high value solut...
Always take the front row with this 7.2” supersized smartphone screen
Third Edition of Al Shira'aa International Horse Show Concludes with Thrilling Finale
Bring out the Chef in your little ones at 800 Degrees Pizzeria
Shane Breen Wins Grand Prix Qualifier at Al Shira'aa International Horse Show fo...
Young Al Owais Ends Al Shira'aa One Star With Victory
Smart City Services at Silicon Park Reach Advanced Level of Completion
Dubai Festival City Mall's Festival Bay transformed with a new, larger-than-lif...
Introducing Burberry Bespoke Fragrances
Al Wahda Mall thrilled to announce launch of new outlets
UAE tap water is safe to drink – just keep storage tanks clean
Celebrate Valentine's Day With a Quintessential Timepiece From D1 Milano
Eberhard & Co. Gilda makes an extraordinary Valentine's Day gift
Cadillac announces Middle East arrival of the 2019 ATS model
Canadian University Dubai (CUD) launches degree program in Climate Change in par...
Union Coop Among the ‘Elite' Sponsors of The FAZZA Championships for People of D...
Always Breaks the Guinness World Record for a Cause
ADEK's Winter Activities Program in Abu Dhabi hailed a resounding success