The accelerator program, which specializes in
advancing startup-corporate partnerships with BASF and Magna,
welcomes five startups working on emissions-reducing innovations
for automotive manufacturing.
SOMERVILLE, Mass. and HOUSTON, Dec. 8, 2022
/PRNewswire/ -- Greentown Labs, BASF, and Magna today announce
five startup participants for Greentown Go Move 2022,
a Greentown Go program designed to accelerate
startup-corporate partnerships to decarbonize automotive
manufacturing and reduce vehicles' life-cycle impact.
The transportation sector is responsible for 16 percent of
global greenhouse gas emissions. While the transition to electric
vehicles garners the bulk of industry and media attention, there
are also countless areas across the automotive manufacturing value
chain that are in vital need of innovative climatetech solutions.
That's why BASF, Magna, and Greentown partnered to launch Go Move
2022, which specifically sought startups with novel solutions to
some of the auto industry's toughest problems: materials innovation
for automotive efficiency and life-cycle-emissions reduction;
materials design for recycling and new recycling technologies; and
materials innovation for shared and future mobility.
After a highly competitive selection and deliberation process
that saw close to 100 applicants, a cohort of five cutting-edge
startup participants was selected:
- Carbonova (Calgary,
Alberta, Canada): Carbonova is a technology company
developing a solution to produce high-volume superior carbon
nanofibers (Carbonova fiber) for use in various market
applications, utilizing greenhouse gas feedstocks and turning them
into a sustainable and valuable solid commodity.
- Endeavor Composites (Knoxville, TN, U.S.): Endeavor Composites is
pioneering high-performance, low-cost, and zero-waste composites to
solve difficult manufacturing problems.
- FibreCoat (Aachen, Germany): FibreCoat creates affordable and
conductive fiber materials for integrated EMI-shielding, heat
transfer, and weight reduction in EVs.
- Heartland Industries (Detroit, MI, USA): Heartland produces
materials and technologies to help decarbonize manufacturing.
- MITO Materials Solutions (Indianapolis, IN, U.S.): MITO's patented
platform technology creates hybrid additives with unique
attributes—and limitless possibilities.
Selected startups will work closely with BASF and Magna over a
six-month period to advance commercialization efforts—collaborating
to de-risk their technologies, discover potential industrial
applications, and develop viable go-to-market strategies. In
working with BASF and Magna, the cohort will have access to
professional expertise that is applicable across the full value
chain of the automotive industry; whether it's developing the parts
that make up a vehicle or the materials that make up the part, BASF
and Magna are involved at every step in the automotive
manufacturing process. Throughout the program, startups will
benefit from mentorship, networking opportunities, educational
workshops, and partnership-focused programming to support their
collaborations. Finally, participants will receive desk space and
membership at Greentown Labs for the duration of the program and
$25,000 in non-dilutive stipend
funding.
BASF, the Leading Partner on Go Move 2022, is a global leader in
chemicals as well as the number one chemical supplier to the
automotive industry. This program aligns with BASF's efforts to
help enable a net-zero transportation industry by reducing
life-cycle emissions, launching new recycling techniques, and
creating new materials for shared and sustainable mobility.
"The caliber of the startups in this cohort is quite
impressive," said Gulay Serhatkulu, Sr. Vice President for BASF's
Performance Materials business in North
America. "BASF is looking forward to the next six months
working with them and Magna. Together, we have an opportunity to
really make a sustainable impact on the automotive industry."
Magna, the Supporting Partner on Go Move 2022, is a mobility
technology company and one of the world's largest suppliers in the
automotive space. It combines more than 65 years of expertise with
a systems approach to design, engineering, and manufacturing that
touches nearly every aspect of the vehicle.
"At Magna, we're helping to shape the future of zero-emissions
transportation by tapping into new sources of innovation," said
Ahmed Elganzouri, Magna Director of Sustainability. "Our vision is
to advance mobility for everyone and everything, responsibly. By
collaborating with the selected startups in Greentown Go Move 2022,
we are committed to accelerating the research needed for
sustainable technologies and innovations, from concept to
reality."
With a proven track record of cultivating and accelerating
startup-corporate partnerships across the five key
greenhouse-gas-emitting sectors (manufacturing, transportation,
energy and electricity, buildings, and food and agriculture),
Greentown Labs, the largest climatetech startup incubator in
North America, will provide the
needed framework to foster collaboration between BASF, Magna, and
the program participants.
"The transportation industry presents one of the greatest
challenges and opportunities to build a truly circular, sustainable
economy," said Dr. Emily Reichert,
CEO Emeritus of Greentown Labs. "We're thrilled to have BASF and
Magna as our partners in this fight to decarbonize the automotive
sector and reduce our dependence on greenhouse-gas-emitting
materials and manufacturing processes. By collaborating with this
exciting cohort of climatetech entrepreneurs, BASF and Magna are
showing their commitment to scaling these vital and innovative
solutions."
The Go Move 2022 cohort will participate in three workshops with
BASF and Magna, culminating in a showcase event on May 11, 2023, at Greentown Labs' Boston location. To learn more, visit the Go
Move 2022 website.
About Greentown Go
Greentown Labs, the largest climatetech startup incubator in
North America, runs Greentown Go
programs across five tracks: Go Make (manufacturing), Go
Move (transportation), Go Energize (energy and
electricity), Go Build (buildings), and Go Grow (food and agriculture). These
startup-corporate partnerships programs challenge the status quo
within each key greenhouse-gas sector as they accelerate
partnerships between industry giants and innovators.
About Greentown Labs
Greentown Labs is a community of climate action pioneers working
to design a more sustainable world. As the largest climatetech
startup incubator in North
America, Greentown Labs brings together startups,
corporates, investors, policymakers, and many others with a focus
on scaling climate solutions. Driven by the mission of providing
startups the resources, knowledge, connections, and equipment they
need to thrive, Greentown Labs offers lab space, shared office
space, a machine shop, an electronics lab, software and business
resources, and a large network of corporate customers, investors,
and more. With incubators in Somerville,
Mass. and Houston, TX,
Greentown Labs is home to more than 200 startups and has supported
more than 500 startups since the incubator's founding in 2011.
These startups have collectively created more than 9,000 jobs and
have raised more than $4 billion in
funding. For more information, please
visit www.greentownlabs.com or Twitter, Facebook,
and LinkedIn.
Greentown Media Contact:
Julia
Travaglini
julia@greentownlabs.com
603-867-3657
About BASF
At BASF, we create chemistry for a sustainable future. We
combine economic success with environmental protection and social
responsibility. Around 111,000 employees in the BASF Group
contribute to the success of our customers in nearly all sectors
and almost every country in the world. Our portfolio comprises six
segments: Chemicals, Materials, Industrial Solutions, Surface
Technologies, Nutrition & Care, and Agricultural Solutions.
BASF generated sales of €78.6 billion in 2021. BASF shares are
traded on the stock exchange in Frankfurt (BAS) and as American Depositary
Receipts (BASFY) in the U.S. Further information at
www.basf.com.
About Magna
Magna is more than one of the world's largest suppliers in the
automotive space. We are a mobility technology company with a
global, entrepreneurial-minded team of 170,000 employees and an
organizational structure designed to innovate like a startup. With
65+ years of expertise and a systems approach to design,
engineering and manufacturing that touches nearly every aspect of
the vehicle, we are positioned to support advancing mobility in a
transforming industry. Our global network includes 345
manufacturing operations and 90 product development, engineering,
and sales centers spanning 28 countries.
For further information about Magna (NYSE:MGA; TSX:MG), please
visit www.magna.com.
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SOURCE Greentown Labs