PARIS (Reuters) – The opening of the capital of Renault’s circular economy division is progressing in line with plans announced last fall, the activity’s chief executive, Jean-Philippe Bahuaud, told Reuters on Friday.

“The capital opening process is proceeding according to schedule,” he said on the sidelines of the Changenow summit on environmental protection.

To stay in the race for the electrification and connectivity of cars, which requires significant investment, the diamond-shaped group has created five specialized entities open to outside investors: Ampère (electrical and software), Horse-Power (engines petrol), Alpine (sport), Mobilize (car-sharing and financial services) and “The future is neutral”, European leader in the closed-loop circular economy.

The youngest of the manufacturer’s divisions wants to triple its turnover to more than 2.3 billion euros by 2030 and is in active discussion with outside investors – industrial or financial – to open up a minority of its capital to them in order to to co-finance investments of around 500 million euros over the decade.

(Gilles Guillaume report, edited by Tangi Salaün)

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