- Three-year agreement will expand Alliance Ventures’ reach in China and provide Plug and Play start-ups with access to the world’s largest automotive alliance
- Partnership will add to Alliance Ventures’ efforts to remain at the cutting edge of next-generation systems for the automotive industry
- Alliance Ventures will invest up to $1 billion by 2022 to support open innovation
Alliance Ventures, the strategic venture capital fund that invests in technology start-ups for Groupe Renault, Nissan Motor Company and Mitsubishi Motors, today announced a partnership with Plug and Play China to cooperate on open innovation in the world’s second-largest economy.
China is leading innovation in the automotive industry, said Francois Dossa, Alliance Global Vice President, Ventures and Open Innovation; Chairman of Alliance Ventures. By harnessing the expertise of Plug and Play China, we can gain access to start-ups and technologies that will transform the mobility experience.
Alliance Ventures and Plug and Play agreed to a three-year partnership in China that will benefit both groups. This latest agreement follows successful existing partnerships with Plug and Play both in Japan and in Silicon Valley. With access to Plug and Play China’s peerless start-up network, Alliance Ventures’ ability to identify and work with promising start-ups, carry out pilot projects, and acquire or invest in new technology opportunities will be turbo-charged. Renault, Nissan and Mitsubishi Motors will benefit through new business opportunities in the world’s largest automotive market and access to cutting-edge, next-generation technologies.
As an anchor partner of Plug and Play China, Alliance Ventures will connect to Plug and Play's global innovation ecosystem through their twice-a-year acceleration program. The last investment by Alliance Ventures, PowerShare, an electric vehicle charging platform start-up based in China, was part of Plug and Play's Mobility Acceleration Program.
The Acceleration Program’s first session took place on March 26 and 27 in Shanghai (China) and focused on autonomous drive, the internet of cars, electrification and new mobility. More than 85 start-ups were qualified by Plug and Play China with nearly 25 participating in the on-site pitch session. Alliance Ventures admitted 10 start-ups to participate in the three-month Acceleration Program.
We are delighted to partner with the world’s number one automotive alliance and bring the scale of their platform to our members. Alliance Ventures recognized the efficiency of our mobility innovation platform and together we will look for opportunities to transform the mobility experience for people in China and around the world, concluded Peter Xu, Managing Partner and Chief Executive Officer of Plug and Play China.