AUBURN HILLS, Mich.,
Aug. 23, 2021 /PRNewswire/ --
BorgWarner is expanding the breadth of its sustainability business
activities by investing in Enexor BioEnergy, LLC, a company that
provides on-site, renewable energy and carbon conversion solutions
to help solve the world's organic waste and plastic waste problems.
Through a $10 million dollar
investment, BorgWarner has secured a minority stake in the
company.
Enexor's patented and modular Bio-CHP™ system uses locally sourced
organics or plastic waste to generate clean onsite energy and can
be rapidly deployed in nearly any setting. According to Enexor,
each system can reduce up to 1,000 metric tons of CO2
equivalent emissions annually by reducing methane emissions
released from landfills, offsetting fossil fuel-based power
generation, and reducing waste disposal transportation
emissions.
"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," said Joseph
Fadool, Vice President of BorgWarner Inc. and President and
GM, Emissions, Thermal and Turbo Systems. "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."
Enexor's waste-saving solutions align well and utilize BorgWarner's
existing eTurbine product line, which uses the remaining waste heat
to generate electrical energy, as well as its industrial inverters
through Cascadia Motion (wholly owned by BorgWarner). Together,
BorgWarner and Enexor will explore future collaborations, including
the potential for further CO2 reduction technologies and
supplying battery packs.
"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," said Lee Jestings, founder and
CEO of Enexor BioEnergy. "We are thrilled to have a company like
BorgWarner, that 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."
As a major A Series investor, BorgWarner's investment will help
the startup steadfastly commercialize its renewable energy and
carbon conversion solutions.
BorgWarner has significantly expanded its technology portfolio
as well as its business ventures in recent years to better position
the company to be a key enabler of a clean, energy-efficient world.
To learn more about BorgWarner's sustainability initiatives, visit
borgwarner.com.
The Series A funding builds on an exciting year for Enexor,
which saw it quickly being recognized across the world as a leading
renewable energy solution to combat Climate Change. Notable honors
in 2021 have included being selected into both Google for Startups
Accelerator: Climate Change and Halliburton Company's clean
energy accelerator, Halliburton
Labs. In addition, Enexor won the United Nations World
Tourism Sustainable Development Goals Startup Competition out of
10,000 applicants from 138+ countries.
About BorgWarner
BorgWarner Inc. (NYSE: BWA) is a
global product leader in delivering innovative and sustainable
mobility solutions for the vehicle market. Building on its original
equipment expertise, BorgWarner also brings market leading product
and service solutions to the global aftermarket. With manufacturing
and technical facilities in 96 locations in 23 countries, the
company employs approximately 50,000 people worldwide. For more
information, please visit borgwarner.com.
About Enexor
BioEnergy
Enexor BioEnergy provides on-site, renewable energy and carbon
conversion solutions to help solve the world's organic waste and
plastic waste problems. Enexor's patented bioenergy system derives
value from organic and plastic waste by producing 24/7 continuous
power and thermal energy for facilities and microgrids worldwide.
Enclosed within a 20-foot custom shipping container, the Bio-CHP
systems are designed to be deployable next to a retail store in
the United States,
hurricane-exposed areas in the Caribbean or a village in Africa. Enexor manufactures its systems at its
headquarters in Franklin, Tenn., a
Nashville suburb. More at
www.enexor.com.
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SOURCE BorgWarner