Castrol innoVentures invests in the future with smart mobility vision

Posted on 7th January 2014

Castrol innoVentures, the strategic innovation arm of Castrol, confirmed today their plans to further invest in the development of smart mobility trends of the future. Customers are demanding more efficient technology-led solutions in a range of transport sectors from shipping to trucking to consumer automotive and this has fueled Castrol innoVenture’s investment strategy. Castrol innoVentures has made three recent investments towards this vision including Peloton, GreenSteam™ and Zubie.

“A pioneering company at its core, Castrol understands that the exchange of ideas and technologies between the automotive and tech industries has never been so vibrant and rich as it is today,” said A.S. Ramchander, Castrol’s VP Global Marketing. “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.”

“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,” said Angel Gambino, General Manager, Smart Mobility, Castrol innoVentures.

Peloton Technology is advancing safety and efficiency technology solutions in the heavy truck industry. Peloton aims to reduce collisions and offer fuel savings of more than ten percent for users of its technology, which enables pairs of trucks to connect wirelessly and form an aerodynamic platoon. Castrol innoVentures’ investment provides Peloton an opportunity to be one step closer to delivering their technology to the market.

Castrol innoVentures has also invested US$2 million in GreenSteam™, a technology company specialized in energy saving solutions for commercial marine vessels. Founded in 2006, GreenSteam™ develops advanced fuel saving systems that provide a reduction in the energy consumption of a ship of up to five percent. This software recommends new settings to optimize the trim and draft of a vessel, minimizing propulsion resistance. GreenSteam Optimizer is designed to react dynamically to changes in the ship’s condition and environment, making it possible to operate with the greatest fuel efficiency.

In addition, Castrol innoVentures is part of a deal that raised $10 million in a round of Series A funding for Zubie. Launched nationally in September, the Zubie Service has the potential to make driving and owning a car easier and less expensive. The Zubie Key, a cellular device that plugs directly into a car, captures valuable vehicle and driving data for car owners and drivers. Data includes car diagnostics, family safety location-based alerts, driving behavior reports and several features to make daily driving easier – including travel coordination tools.