BorgWarner Inc. has taken a minority stake in a Tennessee-based company that converts plastic waste into thermal energy.
The supplier of turbochargers and electric motors announced Monday the $10 million investment in Enexor BioEnergy LLC as part of its plan to achieve carbon neutrality by 2035 and as it gradually reconfigures its business around automotive electrification.
Investing in the eco-friendly company, founded in 2015, was a "natural extension" of BorgWarner's technology portfolio, Joseph Fadool, vice president of BorgWarner, said in a news release. Enexor's marquee product, the Bio-CHP system, is powered by BorgWarner components.