BorgWarner Partners with Plug and Play for Propulsion Solutions
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.