Benzinga | Aug 23, 2021 02:31PM EDT

BorgWarner Invests $10M In Enexor BioEnergy

* Sustainable mobility solutions provider BorgWarner Inc (NYSE:BWA) has invested $10 million in Enexor BioEnergy, LLC, a renewable energy and carbon conversion solutions provider.

* Through the investment, BorgWarner has secured a minority stake in the company.

* Enexor's patented and modular Bio-CHP system uses locally sourced organics or plastic waste to generate clean onsite energy.

* As a major A Series investor, BorgWarner's investment will help the startup steadfastly commercialize its renewable energy and carbon conversion solutions.

* The investment is a part of BorgWarner's commitment to achieving carbon neutrality by 2035.

* The company held $1.6 billion in cash and equivalents as of June 30, 2021.

* Price Action: BWA shares are trading higher by 0.46% at $42.7 on the last check Monday.