© Reuters. Stellantis (STLA) Ventures pumps €100M into mobility and battery tech startups
Stellantis NV (NYSE:) announced Thursday that their venture capital arm, Stellantis Ventures, will be investing €100 million ($108.3 million) in automotive and battery technology startups and a mobility venture fund.
During a videoconference, Adam Bazih, the head of Stellantis Ventures, announced that Stellantis Ventures, which was created last year, will place money in ten startups ranging from Nauto, which provides driver monitoring and risk-management technology to fleets, to battery technology startup Electra Vehicles, to Beweelsociety, an electric bike venture started within Stellantis.
Stellantis also revealed that it will offer Nauto technology on commercial fleet vehicles beginning this summer.
The venture capital arm will put an undisclosed amount into a mobility venture fund that Bazih said he could not name because it has not finalized regulatory paperwork.
“They are high-risk bets,” Bazih said, acknowledging volatility in capital markets. Venture capital investments can go wrong 70 to 80% of the time, he said. “The 20% .. .hopefully carries the rest.”
Shares of STLA are up 0.82% in morning trading on Thursday.
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