A Middle Tennessee company focused on renewable energy has renewed its coffers with a fresh investment.
Enexor BioEnergy LLC has received $10 million in funding from auto industry giant BorgWarner Inc. (NYSE: BWA), according to a news release.
Founded in 2015, Enexor manufactures a renewable energy system that converts nearly any type of organic waste, such as cardboard or animal waste, into energy. The units are modular, about the size of a storage pod, and can generate 75 kilowatts of power per hour.
The Franklin-based company plans to use the funds to commercialize its systems, according to the release.
"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,” Enexor founder and CEO Lee Jestings said in the release. “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.”
Auburn Hills, Michigan-based BorgWarner is an international automotive supplier with more than 50,000 employees and 96 locations across 23 countries, according to the company’s website. The firm reported $10.2 billion of revenue in 2020.
Enexor’s waste-saving products currently use some of BorgWarner’s technology, according to the release, and the two companies will look for future opportunities to collaborate on carbon dioxide reducing technologies.
“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,” Joseph Fadool, vice president of BorgWarner, said in the release. “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.”
BorgWarner isn’t the first billion-dollar company Enexor has caught the attention of. Earlier this year, Enexor was one of 11 companies in North America to been selected to participate in Google’s first Google for Startups Accelerator: Climate Change and in February the company landed a select spot in a new clean-tech accelerator program run by oil giant Halliburton Co.
