BorgWarner Invests $ 10 Million in Renewable Energy Company Enexor BioEnergy
“We see a huge 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 energy production and the Earth’s carbon footprint,” said Fadool .
The companies declined to say what percentage of ownership came from the investment by BorgWarner, which is a “major Series A investor.”
The Bio-CHP system uses BorgWarner’s 75-kilowatt turbogenerator, which converts hot exhaust gases into electrical energy, according to the company. It also uses an inverter manufactured by Cascade Motion, a subsidiary of BorgWarner.
The system is housed in a 20-foot shipping container that can be deployed for customers ranging from a retail store in the United States to a village in Africa, according to Enexor. They can reduce up to 1,000 metric tonnes of CO2 equivalent emissions each year by reducing emissions from landfills, offsetting fossil fuels and reducing emissions from waste transportation.
BorgWarner announced in June its intention to phase out direct and indirect carbon emissions by 2035. The carbon reduction initiative is shaped by its intention to cut the company’s revenue from electric vehicles by less. from 3% of total revenue to around 45% in 2030.
BorgWarner’s Series A investment will help Enexor bring its system to market, the companies said. They are also exploring other technologies for reducing carbon emissions and sourcing batteries. Lee Jestings, founder and CEO of Enexor, said in an email to Crain’s Business in Detroit, a sister publication of Automotive News, that more details would be available in a few months.
âAt Enexor, we all share a mutual passion for technological innovation and leave a lasting legacy that improves humanity for generations long after we leave,â Jestings said in the statement. “We are delighted that a company like BorgWarner, which shares the same passion and driven by a similar mission, is investing so much in our company.”
BorgWarner, of Auburn Hills, Mich., Ranks 23rd on Automotive News’ Top 100 Global Suppliers list, with 2020 sales to automakers estimated at $ 9.97 billion in fiscal 2020 .