BorgWarner expands its reach with BioEnergy, which allows the American company to enter the cogeneration sector.
BorgWarner acquires a minority stake of Enexor
According to the official, 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-CHPTM 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 CO2equivalent emissions annually by reducing methane emissions released from landfills, offsetting fossil fuelbased power generation, and reducing waste disposal transportation emissions.
Joseph Fadool says
“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.”
e-Turbine product line
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.