International automotive alliance launches new VC fund

The Renault-Nissan-Mitsubishi Alliance is launching a new corporate venture capital fund.

Alliance Ventures, in which the alliance plans to invest up to US$1 billion - starting with $200 million in year one - is targeted at fostering development in mobility, autonomous vehicles, connectivity and artificial intelligence. Ownership of the fund is divided across Renault (40%), Nissan (40%) and Mitsubishi Motors (20%).

The fund's first investment will be in US-based company Ionic Materials, which develops solid-state cobalt-free battery materials. Further investments will span companies throughout the world, potentially including Australia.

Renault-Nissan-Mitsubishi chair and chief executive Carlos Ghosn explained: "Our open innovation approach will allow us to invest and collaborate with start-up companies and technology entrepreneurs, who will benefit from the global scale of the Alliance. This new fund reflects the collaborative spirit and entrepreneurial mind-set at the heart of the Alliance."

"This investment initiative is designed to attract the world's most promising automotive-technology start-ups to the Alliance," Ghosn added.

The venture capital arm of the alliance will be led by former Nissan Brazil chief executive Francois Dossa.

Read more: RenaultRenault-Nissan-Mitsubishi AllianceCarlos GhosnAlliance VenturesAustraliaFrancois DossaIonic MaterialsMitsubishi MotorsNissan BrazilVC
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