On Monday, Michigan auto parts and technology maker BorgWarner announced that it is making a $10 million minority investment in Tennessee’s Enexor BioEnergy, which makes on-site renewable energy from plastic and organic waste. The Series A investment will help Enexor more quickly commercialize its technology.
Enexor’s business model is based around a modular, trademarked Bio-CHP system, which uses locally sourced organics or plastic waste to generate clean onsite energy and can be quickly deployed almost anywhere in the world. Enexor says each Bio-CHP system is capable of reducing up to 1,000 metric tons of annual carbon dioxide-equivalent emissions by reducing methane emissions released from landfills, reducing waste disposal transportation emissions, and offsetting fossil fuel-based energy generation.
“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 BorgWarner’s VP and President of Emissions, Thermal and Turbo Systems, Joseph Fadool. “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 technology is compatible with BorgWarner’s own eTurbine product line, which uses waste heat to generate electrical energy, as well as the industrial inverters it operates through its wholly-owned EV car parts subsidiary Cascadia Motion. Following this investment, BorgWarner and Enexor will explore future collaborations, including the potential for further carbon-reducing technologies and developing 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 Enexor founder and CEO Lee Jestings. “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.”
In April of this year, Enexor was chosen as one of 11 North American companies to participate in Google‘s first-ever accelerator for climate change startups. In February, the company was one of three companies to join energy giant Halliburton Labs‘ inaugural clean technology accelerator program, and was selected by the United Nations as a winner of its World Tourism Organization (UNWTO) Sustainable Development Goals Global Startup Competition.
