Castrol InnoVentures, a UK-based strategic investment unit of Castrol Lubricants, has closed 2013 with three investments in the ‘smart mobility’ sector: $2m in GreenSteam, a Faroe Islands-based technology company specialized in energy saving solutions for commercial marine vessels; an undisclosed amount in US-based Peloton Technology, which is advancing safety and efficiency technology solutions in the heavy truck industry; and a participation in the $10m series A funding for US-based car diagnostics device Zubie, as previously reported.
A.S. Ramchander, Castrol’s VP Global Marketing, said: “Castrol InnoVentures is the catalyst for these new types of smart mobility technologies to allow Castrol to innovate in and beyond lubricants in the transportation space.”
Angel Gambino, general manager, Castrol InnoVentures Smart Mobility, said: “Our investments reflect our ongoing interest in technologies that have significant potential to offer better driving and maintenance experiences in the connected vehicle space as well as greater efficiency for our customers. We have invested in companies that are leading the way in these areas and are keen to further invest in technologies and solutions that make our customers’ lives easier.”
Castrol InnoVentures states that it plans “to further invest in the development of smart mobility trends of the future.“