NGK Spark Plug Co. Ltd has established a corporate venture capital fund to invest in up-and-coming companies around the world.
The company has published a ten year business plan, which looks at moving the firm ‘beyond ceramics’ by dramatically increasing non-internal combustion engine business compared to now.
The firm is looking to increase its presence in fields such as ‘Smart Health,’ ‘Decentralised Utility’ and ‘Smart Mobility’ to realise this vision.
In order to accelerate the creation of new businesses in these areas, the group has established a fund in Silicon Valley, USA, based on the idea that it is necessary to collaborate with start-ups that have cutting-edge technologies, business models, and ideas. The fund won’t just help venture companies in America though, as firms in the UK, Europe and Asia can also benefit from the investment.
Commenting on news of the fund of up to $100 million (£71.89m), NGK Spark Plugs (UK) Marketing Manager Mark Hallam said: “The announcement sends a positive message to both staff and customers and is tangible evidence of the company’s investment plans for the future.”