ALLIANCE VENTURES PARTNERS WITH PLUG AND PLAY CHINA

Alliance Ventures, the strategic venture capital fund that invests in technology start-ups for Groupe Renault, Nissan Motor Company and Mitsubishi Motors, has announced a partnership with Plug and Play China to cooperate on open innovation in the world’s second-largest economy.

Alliance Ventures and Plug and Play agreed to a three-year partnership in China that is intended to benefit both groups. This latest agreement follows successful existing partnerships with Plug and Play both in Japan and in Silicon Valley. With access to Plug and Play China’s start-up network, Alliance Ventures believes that its ability to identify and work with promising start-ups, carry out pilot projects, and acquire or invest in new technology opportunities will be boosted. Renault, Nissan and Mitsubishi Motors will benefit through new business opportunities in the world’s largest automotive market and access to next-generation technologies.

As an anchor partner of Plug and Play China, Alliance Ventures will connect to Plug and Play’s global innovation ecosystem through their twice-a-year acceleration program. The last investment by Alliance Ventures, PowerShare, an electric vehicle charging platform start-up based in China, was part of Plug and Play’s Mobility Acceleration Program.

The Acceleration Program’s first session took place on March 26 and 27 in Shanghai (China) and focused on autonomous drive, the internet of cars, electrification and new mobility. More than 85 start-ups were qualified by Plug and Play China with nearly 25 participating in the on-site pitch session. Alliance Ventures admitted 10 start-ups to participate in the three-month Acceleration Program.