DETROIT, Jan. 6, 2014 /PRNewswire/ -- Castrol innoVentures, the strategic innovation arm of Castrol, confirmed today their plans to further invest in the development of smart mobility trends of the future.
Customers are demanding more efficient technology-led solutions in a range of transport sectors from shipping to trucking to consumer automotive and this has fueled Castrol innoVenture's investment strategy. Castrol innoVentures has made three recent investments towards this vision including Peloton, GreenSteam™ and Zubie.
"A pioneering company at its core, Castrol understands that the exchange of ideas and technologies between the automotive and tech industries has never been so vibrant and rich as it is today," said A.S. Ramchander, Castrol's VP Global Marketing. "Castrol innoVentures is the catalyst for these new types of smart mobility technologies to allow Castrol to innovate in and beyond lubricants in the transportation space."
"Our investments reflect our ongoing interest in technologies that have significant potential to offer better driving and maintenance experiences in the connected vehicle space as well as greater efficiency for our customers. We have invested in companies that are leading the way in these areas and are keen to further invest in technologies and solutions that make our customers' lives easier," said Angel Gambino, General Manager, Smart Mobility, Castrol innoVentures.
Peloton Technology is advancing safety and efficiency technology solutions in the heavy truck industry. Peloton aims to reduce collisions and offer fuel savings of more than ten percent for users of its technology, which enables pairs of trucks to connect wirelessly and form an aerodynamic platoon. Castrol innoVentures' investment provides Peloton an opportunity to be one step closer to delivering their technology to the market.
Castrol innoVentures has also invested US$2 million in GreenSteam™, a technology company specialized in energy saving solutions for commercial marine vessels. Founded in 2006, GreenSteam™ develops advanced fuel saving systems that provide a reduction in the energy consumption of a ship of up to five percent. This software recommends new settings to optimize the trim and draft of a vessel, minimizing propulsion resistance. GreenSteam Optimizer is designed to react dynamically to changes in the ship's condition and environment, making it possible to operate with the greatest fuel efficiency.
In addition, Castrol innoVentures is part of a deal that raised $10 million in a round of Series A funding for Zubie. Launched nationally in September, the Zubie Service has the potential to make driving and owning a car easier and less expensive. The Zubie Key, a cellular device that plugs directly into a car, captures valuable vehicle and driving data for car owners and drivers. Data includes car diagnostics, family safety location-based alerts, driving behavior reports and several features to make daily driving easier – including travel coordination tools.
A particular area of focus for Castrol innoVentures is passenger car 'smart mobility'. With the investments already made in this area, and a strengthening of the executive team in this space, and with these and future investments Castrol innoVentures is committed to continuing to raise the bar in solving consumer problems and improve experience in the area of mobility. It is actively looking to invest in the telematics space, allowing aftermarket connection of cars to the internet via 4G and allowing for an app platform for automobiles.
To learn more about Castrol innoVentures, please visit: http://castrolinnoventures.com/.
About Castrol innoVentures
Castrol innoVentures is based in the UK with a global remit. It seeks out and invests in new business opportunities to support Castrol's core lubricants business and to develop options beyond lubricants. The Castrol innoVentures group was created to focus on investing in and building businesses that significantly improve customer experiences in the automotive aftermarket, among other sectors. The group makes strategic investments in technology start-ups that help its customers improve efficiencies. They also run a broader programme of open innovation, exemplified by the Castrol 20/20 challenge events in London, New York and Shanghai.
About Peloton Technology Inc.
Founded in 2011 by a team of Silicon Valley entrepreneurs, Peloton Technology addresses major pain points of today's trucking fleets – accidents and fuel costs. The system developed by Peloton uses radar, DSRC and cellular vehicle-to-vehicle communications to link active safety systems between pairs of trucks, allowing them to travel safely in aerodynamic platoons, Peloton's connected-vehicle technology promises to improve safety and fuel efficiency for trucking fleets, and to support a variety of intelligent transportation applications serving industry and transportation agencies. www.peloton-tech.com
GreenSteam™ is a technology company specialized in energy saving solutions for commercial vessels. Behind GreenSteam is a team of dedicated, highly educated engineers and scientists who have spent years of research to combine common-sense principles with advanced engineering to create a practical, simple-to-use energy saving system making it possible to reduce fuel consumption by 4-5% on average. The company was founded by three M.Sc. candidates from the Technical University of Denmark in 2006 and is today based in the Faroe Islands in the North Atlantic as well as in Copenhagen, Denmark.
Zubie is a mobile and Internet services company focused on maximizing connected car capabilities for consumers and businesses. The company, formerly known as GreenLight Connectivity Solutions, was formed in 2012, and is headquartered in Charleston, SC, with operational offices in the Minneapolis area. http://www.zubie.co
SOURCE Castrol innoVentures