AUBURN HILLS, Mich.,
Oct. 4, 2018 /PRNewswire/ --
BorgWarner is increasing its exposure to the latest cutting-edge
technologies and accelerating innovation in the mobility sector by
partnering with Plug and Play, an accelerator ecosystem for startup
companies and Franklin Venture Partners, a specialized investment
team within Franklin Templeton Investments that invests in private
investment opportunities.
"BorgWarner is consistently looking for opportunities to spur
new advancements in propulsion and automotive solutions," said
Brady Ericson, Chief Strategy
Officer, BorgWarner. "Partnering with Plug and Play and Franklin
Venture Partners connects us with the next generation of technology
innovators in mobility as well as other industries. The exposure to
these communities enables us to observe a broad range of ideas,
which could fit with our business strategy today, or provide us
with interesting insight for the
future."
By exposing BorgWarner's team members to alternate technological
solutions, BorgWarner is fostering a culture of innovation both in
how the company approaches its business and develops propulsion
technology for the future.
Plug and Play is a global platform that pairs promising startup
companies with forward-thinking corporations and investors. By
joining the Plug and Play ecosystem, the company will gain access
to not only hundreds of startups that are developing technologies
to revolutionize a variety of industries, but also to the creative
minds and innovative thinking that propels these startup companies
to success. As a global leader in clean and efficient solutions for
combustion, hybrid and electric propulsion systems, BorgWarner's
three-year anchor membership in the platform allows it to keep a
pulse on emerging mobility technology trends and provides first
access to working with, or investing in, startups that match its
business needs.
Each year, thousands of startups compete to earn a spot in one
of Plug and Play's industry-specific accelerator programs. Beyond
mobility, there are 14 other programs, including the Internet of
Things, cybersecurity, and energy and sustainability. Approximately
20 startups are accepted into every three-month program during
which Plug and Play matches them with relevant investors and
corporations. The startups work with matched companies for several
months before graduating, when the next session kicks off to fill
open spots.
The partnership between BorgWarner and Franklin Venture Partners
offers BorgWarner access to Franklin Venture Partners' C-level and
public policy network and the ability to collaborate with other
strategic partners. It also enables BorgWarner to leverage emerging
hubs of innovation, and Franklin
Templeton's research and resources.
These partnerships represent the second and third major Silicon
Valley initiatives for BorgWarner. Last year, as the company
pursued new opportunities in propulsion technologies and new
mobility segments it announced it invested $10 million in Autotech Ventures to gain access
to hundreds of global startups involved in the future of ground
transportation.
About Plug and Play
Plug and Play is a global
innovation platform. Headquartered in Silicon Valley, we have built
accelerator programs, corporate innovation services, and an
in-house VC to make technological advancement progress faster than
ever before. Since inception in 2006, our programs have expanded
worldwide to include a presence in over 20 locations globally
giving startups the necessary resources to succeed in Silicon
Valley and beyond. Companies in our community have raised over
$7 billion in funding, with
successful portfolio exits including Danger, Dropbox, Lending Club,
PayPal, SoundHound, and Zoosk. For more information, visit
www.plugandplaytechcenter.com.
About Franklin Venture Partners
Franklin Venture
Partners is a specialized investment team within Franklin Templeton
Investments, one of the world's leading asset managers, based in
San Mateo, California. Leveraging
its Silicon Valley proximity and the Franklin Templeton's 70 years
of experience evaluating and managing equity investments of all
sizes, Franklin Venture Partners identifies and invests in
mid-stage companies it believes are poised for transformative
impacts across multiple industries.
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 66 locations in 18 countries, the
company employs approximately 29,000 worldwide. For more
information, please visit borgwarner.com.
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could cause actual results to differ materially from those
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original equipment manufacturers of outside suppliers, fluctuations
in demand for vehicles containing our products, changes in general
economic conditions, as well as other risks noted in reports that
we file with the Securities and Exchange Commission, including the
Risk Factors identified in our most recently filed Annual Report on
Form 10-K. We do not undertake any obligation to update or announce
publicly any updates to or revision to any of the forward-looking
statements.
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SOURCE BorgWarner