Renault-Nissan-Mitsubishi Pledges $1 Billion To Attract Fresh Thinking
12 January, 2018, 19:47 | Author: Sammy Rose
The firm, which is set to become the largest corporate venture capital fund in the automotive industry, expects to plough up to $200m into startups and innovation partnerships in its first year. The new corporate venture fund is part of a push by Renault-Nissan Chief Executive Carlos Ghosn.
The venture fund is offering start-ups the chance to combine new technologies with the global scale and research and development departments of the alliance members, which has reached more than €8.5bn in studies and projects. "This new fund reflects the collaborative spirit and entrepreneurial mind-set at the heart of the Alliance".
The fund offers access to potential partners, global scale and scope of Renault-Nissan-Mitsubishi, which has sold more than 10 million vehicles previous year through 10 separate brands, across the world.
The first deal by Alliance Ventures will be a strategic investment in Ionic Materials, a Massachusetts-based company that 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 objective of R&D cooperation.
Carlos Ghosn, Chairman, and CEO of the R-N-M Alliance enthusiastically shared his vision for the venture at CES stating, "We want to make sure we are being challenged", says Ghosn, "the alliance is created to be a one-stop shop to talk about ideas". 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. 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.
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Technology start-ups are an increasingly appealing investment for global corporates and venture capitalist in the Middle East and globally.
Alliance Ventures will be led by Francois Dossa, who accumulated more than 20 years' experience in investment banking at firms such as Societe Generale before becoming the chief executive of Nissan Brazil.
Alliance Ventures is part of the group's 2022 strategy to improve cooperation and double annualised cost synergies between the three companies to more than €10bn by the end of 2022.
Called Alliance Ventures, the fund has already made its first investment, taking an equity stake for an undisclosed amount in Ionic Materials - a Bill Joy-backed battery technology developer.
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Be proactive - Use the "Flag as Inappropriate" link at the upper right corner of each comment to let us know of abusive posts . In Washington state alone, the marijuana industry paid Dollars $280 million in taxes in the last fiscal year.
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