Automotive supplier BorgWarner announced today a $10 million investment in renewable energy and carbon conversion solutions company Enexor BioEnergy.
Enexor uses organics or plastic waste to generate clean onsite energy, producing power and thermal energy for facilities and microgrids, resulting in avoided methane emissions released from landfills, reduced fossil fuel-based power generation, and less waste disposal transportation emissions.
Joseph Fadool, Vice President of BorgWarner Inc. and President and GM, Emissions, Thermal and Turbo Systems, said:
“We have been impressed with the dedication and eco-friendly vision of the Enexor team and believe this investment is a natural extension of our comprehensive technology portfolio and actions we have already taken as part of our commitment to achieving carbon neutrality by 2035. We see immense opportunity for our collaboration with Enexor and are excited to see the impact its solutions, and our investment will have on the future of renewable power generation and the Earth’s carbon footprint.”
The investment is part of Series A funding, which will help Enexor commercialize its renewable energy and carbon conversion solutions. BorgWarner and Enexor stated that they will explore future collaborations, including the potential for further CO2 reduction technologies and supplying battery packs.
Lee Jestings, founder and CEO of Enexor BioEnergy said:
“At Enexor, we all share a mutual passion for technological innovation and leaving a lasting legacy that betters humanity for generations long after we are gone. We are thrilled to have a company like BorgWarner, which shares the same passion and is driven by a similar mission, invest so heavily in our company. I imagine this partnership will be fruitful for both of our companies and, more importantly, the world.”
The agreement marks the latest in a series of sustainability-focused moves and investments for BorgWarner. Earlier this year, the company announced its Charging Forward electrification strategy, targeting a major ramp in electric vehicle-related revenue to 45% of sales by 2030, from less than 3%. Earlier this month, BorgWarner announced an investment in energy storage technology company CelLink Corporation.