Greentown Go Move 2022 with BASF and Magna Announces Startup Cohort Focused on Automotive Industry Decarbonization

The accelerator program, which specializes in advancing startup-corporate partnerships with BASF and Magna, welcomes five startups working on emissions-reducing innovations for automotive manufacturing.

SOMERVILLE, Mass. and HOUSTON, Dec. 8, 2022 /PRNewswire/ -- Greentown Labs, BASF, and Magna today announce five startup participants for Greentown Go Move 2022, a Greentown Go program designed to accelerate startup-corporate partnerships to decarbonize automotive manufacturing and reduce vehicles' life-cycle impact.

The transportation sector is responsible for 16 percent of global greenhouse gas emissions. While the transition to electric vehicles garners the bulk of industry and media attention, there are also countless areas across the automotive manufacturing value chain that are in vital need of innovative climatetech solutions. That's why BASF, Magna, and Greentown partnered to launch Go Move 2022, which specifically sought startups with novel solutions to some of the auto industry's toughest problems: materials innovation for automotive efficiency and life-cycle-emissions reduction; materials design for recycling and new recycling technologies; and materials innovation for shared and future mobility.

After a highly competitive selection and deliberation process that saw close to 100 applicants, a cohort of five cutting-edge startup participants was selected:

• Carbonova (Calgary, Alberta, Canada): Carbonova is a technology company developing a solution to produce high-volume superior carbon nanofibers (Carbonova fiber) for use in various market applications, utilizing greenhouse gas feedstocks and turning them into a sustainable and valuable solid commodity.
• Endeavor Composites (Knoxville, TN, U.S.): Endeavor Composites is pioneering high-performance, low-cost, and zero-waste composites to solve difficult manufacturing problems.
• FibreCoat (Aachen, Germany): FibreCoat creates affordable and conductive fiber materials for integrated EMI-shielding, heat transfer, and weight reduction in EVs.
• Heartland Industries (Detroit, MI, USA): Heartland produces materials and technologies to help decarbonize manufacturing.
• MITO Materials Solutions (Indianapolis, IN, U.S.): MITO's patented platform technology creates hybrid additives with unique attributes—and limitless possibilities.

Selected startups will work closely with BASF and Magna over a six-month period to advance commercialization efforts—collaborating to de-risk their technologies, discover potential industrial applications, and develop viable go-to-market strategies. In working with BASF and Magna, the cohort will have access to professional expertise that is applicable across the full value chain of the automotive industry; whether it's developing the parts that make up a vehicle or the materials that make up the part, BASF and Magna are involved at every step in the automotive manufacturing process. Throughout the program, startups will benefit from mentorship, networking opportunities, educational workshops, and partnership-focused programming to support their collaborations. Finally, participants will receive desk space and membership at Greentown Labs for the duration of the program and $25,000 in non-dilutive stipend funding.

BASF, the Leading Partner on Go Move 2022, is a global leader in chemicals as well as the number one chemical supplier to the automotive industry. This program aligns with BASF's efforts to help enable a net-zero transportation industry by reducing life-cycle emissions, launching new recycling techniques, and creating new materials for shared and sustainable mobility.

"The caliber of the startups in this cohort is quite impressive," said Gulay Serhatkulu, Sr. Vice President for BASF's Performance Materials business in North America. "BASF is looking forward to the next six months working with them and Magna. Together, we have an opportunity to really make a sustainable impact on the automotive industry."

Magna, the Supporting Partner on Go Move 2022, is a mobility technology company and one of the world's largest suppliers in the automotive space. It combines more than 65 years of expertise with a systems approach to design, engineering, and manufacturing that touches nearly every aspect of the vehicle.

"At Magna, we're helping to shape the future of zero-emissions transportation by tapping into new sources of innovation," said Ahmed Elganzouri, Magna Director of Sustainability. "Our vision is to advance mobility for everyone and everything, responsibly. By collaborating with the selected startups in Greentown Go Move 2022, we are committed to accelerating the research needed for sustainable technologies and innovations, from concept to reality." 

With a proven track record of cultivating and accelerating startup-corporate partnerships across the five key greenhouse-gas-emitting sectors (manufacturing, transportation, energy and electricity, buildings, and food and agriculture), Greentown Labs, the largest climatetech startup incubator in North America, will provide the needed framework to foster collaboration between BASF, Magna, and the program participants.

"The transportation industry presents one of the greatest challenges and opportunities to build a truly circular, sustainable economy," said Dr. Emily Reichert, CEO Emeritus of Greentown Labs. "We're thrilled to have BASF and Magna as our partners in this fight to decarbonize the automotive sector and reduce our dependence on greenhouse-gas-emitting materials and manufacturing processes. By collaborating with this exciting cohort of climatetech entrepreneurs, BASF and Magna are showing their commitment to scaling these vital and innovative solutions."

The Go Move 2022 cohort will participate in three workshops with BASF and Magna, culminating in a showcase event on May 11, 2023, at Greentown Labs' Boston location. To learn more, visit the Go Move 2022 website.

Greentown Labs, the largest climatetech startup incubator in North America, runs Greentown Go programs across five tracks: Go Make (manufacturing), Go Move (transportation), Go Energize (energy and electricity), Go Build (buildings), and Go Grow (food and agriculture). These startup-corporate partnerships programs challenge the status quo within each key greenhouse-gas sector as they accelerate partnerships between industry giants and innovators.

Greentown Labs is a community of climate action pioneers working to design a more sustainable world. As the largest climatetech startup incubator in North America, Greentown Labs brings together startups, corporates, investors, policymakers, and many others with a focus on scaling climate solutions. Driven by the mission of providing startups the resources, knowledge, connections, and equipment they need to thrive, Greentown Labs offers lab space, shared office space, a machine shop, an electronics lab, software and business resources, and a large network of corporate customers, investors, and more. With incubators in Somerville, Mass. and Houston, TX, Greentown Labs is home to more than 200 startups and has supported more than 500 startups since the incubator's founding in 2011. These startups have collectively created more than 9,000 jobs and have raised more than $4 billion in funding. For more information, please visit www.greentownlabs.com or Twitter, Facebook, and LinkedIn.

Greentown Media Contact:
Julia Travaglini
julia@greentownlabs.com
603-867-3657

At BASF, we create chemistry for a sustainable future. We combine economic success with environmental protection and social responsibility. Around 111,000 employees in the BASF Group contribute to the success of our customers in nearly all sectors and almost every country in the world. Our portfolio comprises six segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care, and Agricultural Solutions. BASF generated sales of €78.6 billion in 2021. BASF shares are traded on the stock exchange in Frankfurt (BAS) and as American Depositary Receipts (BASFY) in the U.S. Further information at www.basf.com.

Magna is more than one of the world's largest suppliers in the automotive space. We are a mobility technology company with a global, entrepreneurial-minded team of 170,000 employees and an organizational structure designed to innovate like a startup. With 65+ years of expertise and a systems approach to design, engineering and manufacturing that touches nearly every aspect of the vehicle, we are positioned to support advancing mobility in a transforming industry. Our global network includes 345 manufacturing operations and 90 product development, engineering, and sales centers spanning 28 countries.

For further information about Magna (NYSE:MGA; TSX:MG), please visit www.magna.com.

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SOURCE Greentown Labs