MILAN (Reuters) – Stellantis venture capital arm, set up to help finance a shift to lower carbon transport, has spent around 100 million euros ($108 million) in its first round of investments, its head said on Thursday.
The world’s third largest carmaker by sales, last year launched Stellantis Ventures with an initial 300 million euros to invest in start-ups developing technologies that will further its 2030 goals, including those concerning the transition to lower-emission mobility.
“We are using the strength of Stellantis Ventures to connect with companies that are developing cutting-edge technology that we believe can transform the in-cabin experience and improve the mobility sector,” Stellantis technology chief Ned Curic said in a statement.
Stellantis Ventures’ global head Adam Bazih said the arm had so far used roughly a third of its funding to support 10 start-up companies and one mobility venture fund.
The start-ups include artificial intelligence and computer vision developer Nauto, offroad guide provider Trails Offroad and e-bike developer Beweelsociety. Stellantis will already use products developed by them this year, Bazih said.
Products developed by the other funded projects, based both in the U.S. and in Europe, will enter Stellantis “ecosystem” from 2024 onwards, he said.
They include lithium-sulfur EV batteries start-up Lyten, which Stellantis separately announced last month.
Stellantis did not disclose the name of the U.S.-based mobility venture fund it is helping to fund due to a pending regulatory process, Bazih said.
($1 = 0.9257 euros)
(Reporting by Giulio Piovaccari and Gilles Guillaume. Editing by Jane Merriman and Barbara Lewis)
