BorgWarner Invests in Enexor BioEnergy, Widens Breadth of Sustainability Business
- Investment supports BorgWarner’s carbon footprint reduction efforts
- Complements BorgWarner’s vision of a clean, energy-efficient world
- Series A investment of $10 million
Auburn Hills, Michigan, AUGUST 23, 2021 – 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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You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Forward-looking statements are subject to risks and uncertainties, many of which are difficult to predict and generally beyond our control, that could cause actual results to differ materially from those expressed, projected or implied in or by the forward-looking statements. These risks and uncertainties, among others, include: the difficulty in forecasting demand for electric vehicles and our EV revenue growth to 2030; the ability to identify targets and consummate acquisitions on acceptable terms; failure to realize the expected benefits of acquisitions; the ability to identify appropriate combustion portfolio businesses for disposition and consummate planned dispositions on acceptable terms; competitive challenges from existing and new competitors including OEM customers; the challenges associated with rapidly-changing technologies, particularly as relates to electric vehicles, and our ability to innovate in response; uncertainties regarding the extent and duration of impacts of matters associated with the COVID-19/coronavirus pandemic, including additional production disruptions; the failure to realize the expected benefits of the acquisition of Delphi Technologies PLC that the Company completed on October 1, 2020; the failure to realize the expected benefits of the acquisition of AKASOL AG that the Company completed on June 4, 2021 or a delay in the ability to realize those benefits; the failure to successfully execute on a timely basis our taking private strategy with respect to AKASOL; the failure to promptly and effectively integrate acquired businesses; the potential for unknown or inestimable liabilities relating to acquired businesses; our dependence on automotive and truck production, both of which are highly cyclical and subject to disruptions; our reliance on major OEM customers; commodities availability and pricing; supply disruptions impacting the Company or the Company’s customers, such as the current shortage of semi-conductors that has impacted OEM customers and the Company; fluctuations in interest rates and foreign currency exchange rates; availability of credit; our dependence on key management; our dependence on information systems; the uncertainty of the global economic environment; the outcome of existing or any future legal proceedings, including litigation with respect to various claims; future changes in laws and regulations, including, by way of example, tariffs, in the countries in which we operate; impacts from any potential future acquisition or divestiture transactions; and the other risks, including, by way of example, pandemics and quarantines, noted in reports that we file with the Securities and Exchange Commission, including Item 1A, “Risk Factors” in our most recently-filed Annual Report on Form 10-K and/or Quarterly Report on Form 10-Q. We do not undertake any obligation to update or announce publicly any updates to or revisions to any of the forward-looking statements in this press release to reflect any change in our expectations or any change in events, conditions, circumstances, or assumptions underlying the statements.
BorgWarner PR contact:
Michelle Collins
Phone: +1 248-754-0449
Email: mediacontact@borgwarner.com
Enexor PR contact:
Robert Grajewski
Phone: +1 704-929-7426
Email: RobertG@enexor.com
