![]() ![]() The new company would have an annual production capacity of more than 5 million internal combustion, hybrid and plug-in hybrid engines and transmissions per year, the companies said. Geely previously announced a hybrid gasoline engine development deal with Mercedes-Benz and holds a stake in the German automaker. Last year, Aramco announced a partnership with Hyundai Motor Co to study advanced fuels that could be used in hybrid engines to reduce CO2 emissions.įor Geely, the deal with Renault extends its pattern of building partnerships to expand beyond China. The deal would make Aramco the first major oil producer to invest in the car business, as the rise of electric cars threatens to cut demand for conventional fuels. Founded in 2011, VFA has established a network of 300+ partner startups and Alums have started 100+ companies in 14 cities, where recent graduates work for two-year stints in a variety of roles. “Aramco’s entry brings to the table unique know-how that will help develop breakthrough innovations in the fields of synthetic fuels and hydrogen,” De Meo said. Venture for America (VFA) is a two-year fellowship program that empowers recent college graduates to realize their dreams as entrepreneurs. ![]() “This partnership with Aramco will… give it a head start in the race towards ultra-low-emissions ICE powertrain technology,” Renault CEO Luca de Meo said in the statement.īy carving out its internal combustion engine business, Renault plans to focus on electric cars, part of the French automaker’s broad restructuring that also involves overhauling its decades-old alliance with Nissan Motor Co. The new joint venture is aimed at developing more-efficient gasoline engines and hybrid systems at a time when the focus of much of the automobile industry has been on the capital-intensive transition to purely electric vehicles. “It’s hard for companies in smaller cities like Providence to recruit students from top universities.They said on Thursday Geely and Renault are expected to retain equal equity stakes in the new independent entity, but did not disclose how much each would own and how much Aramco would invest. Venture for America sent its fellows into cities populated largely by people of color, but its first classes were more than 80 percent white, and nearly 80 percent male, records show. “I see firsthand the problem he’s trying to solve,” said Kroll, another Brown graduate. ![]() Hassenfeld, of Hasbro Inc.’s founding family.Īndera founder Charlie Kroll is a member of the Venture for America board of directors. Reliance Industries, which plans to set up 20 gigawatt of solar power capacity by 2026, is unable to find trained manpower for the venture and is sending officials to Singapore for training, people aware of the development said. Locally, financial industry software firm Andera Inc., Rhode Island Foundation and Brown University are supporters, as is Alan G. Other sponsors of the program include PricewaterhouseCoopers, Bank of America and American Express. “I don’t have a grand plan it’s the opportunity to learn about business and how to start a business.”īusinesses and community organizations see the Venture program useful as well - a way to draw in talented workers and lay the groundwork for new companies.ĭaniel Gilbert, founder and chairman of Quicken Loans in Detroit, made a $1.5 million commitment to Venture for America in 2013. “When you join a network like VFA you join a network of entrepreneurs,” Crosti said. “They’re coming with the highest set of capacities you can hope for in a 20- to 22-year-old,” Yang said. There are graduates who majored in engineering or English, Chinese or computer science, urban studies or visual arts. The hometowns are just as widespread, with participants hailing from as close as Sharon, Mass., and as far away as Turkey. Venture For America is creating an accessible and inclusive future of entrepreneurship in America. The roster of alma maters for the 2013 fellows includes most of the nation’s top colleges and universities: Brown University, Duke University, Georgetown University, Harvard University, Middlebury College, the University of Michigan and the University of Virginia among them. Venture for America expanded to Philadelphia, Baltimore and Cleveland in 2013.Ībout 600 people applied for the 2013 fellowships about 10 percent were accepted. In 2012, the first class of about 40 fellows went to work in Detroit, New Orleans, Las Vegas, Cincinnati and Providence. At the end of the two-year-long fellowship is the chance for a $100,000 prize. ![]()
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