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Allison Transmission Invests in Autotech Ventures, Obtaining Unique Access to Global Mobility Startups
Rhea-AI Impact
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Rhea-AI Sentiment
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Rhea-AI Summary
Allison Transmission, a leader in vehicle propulsion solutions, has announced a $15 million investment in Autotech Ventures, a venture capital firm focused on transport technology startups. This partnership aims to enhance Allison’s innovation in propulsion solutions and provide access to emerging technologies in connectivity, autonomy, and electrification. The collaboration will support Allison's strategy to diversify its portfolio and remain competitive in the rapidly evolving commercial vehicle industry, leveraging Autotech's expertise in tech scouting and market intelligence.
Positive
Investment of $15 million in Autotech Ventures enhances innovation capabilities.
Provides access to emerging technologies and market intelligence in transport tech.
Strengthens Allison's strategy to diversify its propulsion solutions portfolio.
Negative
None.
INDIANAPOLIS--(BUSINESS WIRE)--
Allison Transmission, a leading designer and manufacturer of conventional and electrified vehicle propulsion solutions, is pleased to announce it has committed to a $15 million investment in Autotech Ventures, a venture capital firm that’s helping to pave the way for the next frontier of mobility.
Based in Silicon Valley, Autotech invests in and provides consulting services to early-stage transport technology start-ups focused on connectivity, autonomy, sharing, electrification and digitization in the transport tech space. Autotech is comprised of a team with deep experience in the ground transportation industry, which provides them with a unique ability to engage and support startups that will enhance the future of the mobility sector.
“We are proud to become a limited partner in Autotech Ventures and bolster our corporate development team’s efforts to identify strategic opportunities and invest in innovative companies," said Todd Bradford, Vice President, Strategy, Business and Corporate Development, Allison Transmission. “In a rapidly changing industry, this partnership is further testimony of Allison’s dedication to remaining a leading innovator in propulsion solutions across all the end markets we serve.”
The new partnership with Autotech will provide Allison with direct exposure to relevant startups, venture capital expertise and fully vetted high-tech companies in strategic areas of the transportation industry. The partnership also aligns with Allison’s commitment to advance its propulsion solutions to meet and exceed customer demands in the ever-evolving and uncompromising commercial vehicle industry.
“Allison recognizes that a variety of technology solutions will be required to cover the commercial vehicle landscape, as the industry continues its evolution,” said Mike Foster, Chief Technology Officer, Allison Transmission. “Our collaboration with Autotech and the cutting-edge companies they engage with will allow Allison to continue to diversify our portfolio of next-generation solutions.”
The Allison team will benefit from Autotech’s tech scouting, tech absorption and team development capabilities, which provide leading insight into transport tech market intelligence and facilitate agility in rapidly changing markets, while augmenting Allison’s corporate research and development and business development capabilities. These robust offerings will support the company’s internal team in accelerating the cycles of innovation, empowering Allison to remain agile and strengthening its ability to deliver on its brand promise to provide the most reliable and valued propulsion solutions to help its customers work more efficiently.
About Allison Transmission
Allison Transmission (NYSE: ALSN) is a leading designer and manufacturer of vehicle propulsion solutions for commercial and defense vehicles, the largest global manufacturer of medium- and heavy-duty fully automatic transmissions, and a leader in electrified propulsion systems that Improve the Way the World Works. Allison products are used in a wide variety of applications, including on-highway trucks (distribution, refuse, construction, fire and emergency), buses (school, transit and coach), motorhomes, off-highway vehicles and equipment (energy, mining and construction applications) and defense vehicles (tactical wheeled and tracked). Founded in 1915, the company is headquartered in Indianapolis, Indiana, USA. With a presence in more than 150 countries, Allison has regional headquarters in the Netherlands, China and Brazil, manufacturing facilities in the USA, Hungary and India, as well as global engineering resources, including electrification engineering centers in Indianapolis, Indiana, Auburn Hills, Michigan and London in the United Kingdom. Allison also has more than 1,400 independent distributor and dealer locations worldwide. For more information, visit allisontransmission.com.
