A new billion-dollar corporate investment fund comes out of a three-way partnership devoted to sustainable transportation –
Carmakers commit $1 Billion to a new auto tech venture fund. The Renault-Nissan-Mitsubishi Alliance is creating one of the largest venture capital funds for automotive technologies and will commit $200 million per year for five years, says the Wall Street Journal. Renault-Nissan CEO Carlos Ghosn wants to counter an opinion common among entrepreneurs about working with venture funds backed by big companies. Renault and Nissan will each have a 40% stake in the fund, with Mitsubishi Motors funding the remaining 20%. (CleanTechIQ will publish a Q&A with managing director Christian Noske, who joined the alliance from BMW iVentures.)
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