23 Aug, 2021, 09:00 ET
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.
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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