Renault-Nissan to open Israel smart car incubator

Renault Twizzy Photo: PR

Renault-Nissan won a tender held by the Innovation Authority, for an incubator to help fund the startups.

Renault-Nissan will found a technological innovation laboratory in Israel as an incubator for young companies developing smart car and shared transportation technologies. The automaker, one of the winners in the Israel Innovation Authority's tender, will establish the incubator in Tel Aviv's Kiryat Atidim.

Companies selected for the incubator will receive government funding of up to NIS 1 million at the stage of proving feasibility. The incubator is designed to connect companies having technologies and ideas in the sector with Renault-Nissan, currently the world's largest automaker. In addition to close cooperation with the automaker's international R&D laboratories, the developers will be able to assess and try out their ideas on real vehicles in the field provided by Renault-Nissan.

The Carasso Motors Ltd. (TASE: CRSO) group, which imports Renault-Nissan cars to Israel, is also participating in the venture, which will be managed by a senior R&D and technology executive from the automaker. Renault-Nissan's venture is the latest in a series of similar ventures by major auto manufacturers and suppliers of components of to the auto industry in recent years. Among others, R&D and investment offices of General Motors, Daimler Group, Volvo, Honda, and SAIC Motor are now operating in Israel.

Published by Globes [online], Israel Business News - www.globes-online.com - on August 8, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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Renault Twizzy Photo: PR
Renault Twizzy Photo: PR
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