Benzinga | Aug 16, 2021 01:15PM EDT

Goodyear Tire & Rubber Invests Undisclosed Sum In EV Startup AmpUp

* Goodyear Tire & Rubber Co (NASDAQ:GT) has invested an undisclosed sum in electric vehicle charging provider, AmpUp.

* Goodyear, Foothill Ventures, and TechNexus Venture Collaborative are the investment firms that helped AmpUp raise the capital.

* AmpUp plans to use the new capital to scale operational and technical capabilities to meet sales demand.

* "It's important to provide consumers and fleets with solutions that unlock the full potential of electric vehicles, so it was logical to establish a relationship with AmpUp," said Abhijit Ganguly, Managing Director, Goodyear Ventures.

* The new firms will join past investors YCombinator, Hyundai, SAIC Motor, and iSun Inc. (NASDAQ:ISUN).

* Price Action: GT shares are trading lower by 2.83% at $16.13 on the last check Monday.