- Sustainable mobility solutions provider BorgWarner Inc BWA has invested $10 million in Enexor BioEnergy, LLC, a renewable energy and carbon conversion solutions provider.
- Through the 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.
- As a major A Series investor, BorgWarner's investment will help the startup steadfastly commercialize its renewable energy and carbon conversion solutions.
- The investment is a part of BorgWarner's commitment to achieving carbon neutrality by 2035.
- The company held $1.6 billion in cash and equivalents as of June 30, 2021.
- Price Action: BWA shares are trading higher by 0.46% at $42.7 on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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