AUBURN HILLS, Mich.,
April 3, 2017 /PRNewswire/ --
BorgWarner, a global leader in clean and efficient technology
solutions for combustion, hybrid and electric vehicles, has taken
another step in the company's evolution through a $10 million investment in Autotech Ventures.
Through this new investment, BorgWarner's Chief Strategy
Officer, Brady Ericson, sees
investment opportunities that apply to propulsion technologies and
mobility areas outside of BorgWarner's current product
portfolio.
"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," said Ericson. "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."
A key factor in the decision to invest in Autotech Ventures is
the fund's 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 are
defining its position in the future automotive landscape.
"Over the last year and a half, we have taken great strides in
the evolution of our company," said James
R. Verrier, President and Chief Executive Officer,
BorgWarner. "In 2015, we acquired a leading electrical components
maker in Remy, strengthening our position in electrified
technologies. We earned a number of hybrid and electric customer
contracts in 2016 and this continues in 2017, while commercializing
new technologies, including our eBooster® electrically
driven compressor and eGearDrive® transmission. All of
these advancements are helping us develop the future of clean,
efficient propulsion technologies."
As the company's technology portfolio has evolved, its staffing
needs have also changed. BorgWarner has tripled its in-house power
electronics engineering team since 2013, and the company plans to
double that staff by 2021.
Through its investment in Autotech Ventures, BorgWarner has been
able to review hundreds of global startups involved in the future
of ground transportation. In addition to the companies BorgWarner
expects to invest in with Autotech Ventures, the automotive product
leader plans to independently invest, collaborate and support a
handful of start-up businesses. Ericson sees a spectrum of
opportunities for BorgWarner when working with these start-ups,
ranging from being a supplier, partner, buyer or an investor.
"Industry priorities continue to change," said Ericson. "To be
successful, we need to keep our fingers on the pulse of product
trends and collaborate with innovative players across the
world."
About BorgWarner
BorgWarner Inc. (NYSE: BWA) is a global product leader in clean
and efficient technology solutions for combustion, hybrid and
electric vehicles. With manufacturing and technical facilities in
62 locations in 17 countries, the company employs approximately
27,000 worldwide. For more information, please visit
borgwarner.com.
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SOURCE BorgWarner