Investment firm launching $1B fund to help suppliers shift to EVs
Monroe Capital is partnering with the White House to launch a billion-dollar initiative geared towards improving the country’s landscape for electric vehicles (EV), the firm announced Monday.
The project, known as the “Drive Forward Fund LP,” aims to support small and medium-sized companies with supply chain challenges for electric vehicles and enhance the development of new auto technology for drivers.
“Looking ahead, we believe the automotive industry is poised for transformative changes driven by advancements in electric vehicles (“EVs”), hydrogen fuel cell technology, and autonomous driving systems, among others,” Alex Parmacek, portfolio manager for the fund at Monroe, said in a statement.
“We believe a shift towards clean energy and sustainable vehicles can play a role in efforts to reduce carbon emissions and create a more durable supply base for the [original equipment manufacturers] and Tier I suppliers.”
It added the firm would steer investment toward "businesses that align with White House’s pledge to ensure that the future of the automotive industry is made in America by American manufacturers and American autoworkers in the communities that have historically powered the industry."
The move comes after Vice President Harris announced a more than $100 million public investment in expanding small and medium-sized auto manufacturers’ access in May.
“Investing in the ambitions and aspirations of our people is the best way to grow the American economy and the middle class,” she said during the announcement in Detroit.
The U.S. Treasury Department also announced a $9.1 million grant to launch the Michigan Auto Supplier Transition Program on Monday to help smaller enterprises purchase the pieces needed to produce EVs domestically.
Last year, the Biden administration released new guidance on eligibility for EV tax credits and placed high tariffs on Chinese EVs and batteries earlier this year opening the market for more American-made vehicles.
Date: |
Topics
-
MarketWatch - Business
If you’re not sure how to invest, it’s as easy as picking two funds.
Get peace of mind, plus a piece of the action2 days ago -
The Guardian - World
Middle East crisis live: top Hezbollah commander killed in Israeli airstrikes on Beirut as 12 dead
IDF confirms it has killed Ibrahim Aqil – wanted by US for alleged role in 1983 US embassy bombings – in southern Beirut; 12 killed and more than 60 injured. A pro-Palestinian protester wearing ...3 days ago - Israel -
CNBC - Business
Why this top fund manager says the best investment this year is 'the hedge against political cycles'
The CEO of VanEck breaks down two of this year’s red-hot trades.2 days ago -
Financial Times - Business
UK pension fund Nest agrees tie-up to invest up to £1bn in build-to-rent
State-backed scheme joins forces with insurer L&G and Dutch fund manager PGGM to build and manage rental properties21 hours ago - United Kingdom -
The Hill - Politics
8 Democrats vote to ax Biden’s EV rule
Eight Democrats voted with House Republicans in favor of overturning a Biden administration rule that’s expected to force automakers to make a significant portion of their fleet electric. The ...3 days ago - Joe Biden -
BBC News - Top stories
It is my job to sort out No 10 leaks, says Starmer
The prime minister was speaking ahead of Labour's party conference, which kicks off in Liverpool on Sunday.Yesterday -
CBS News - Top stories
Secret Service chief pledges paradigm shift for agency
Secret Service Acting Director Ronald Rowe told reporters what specific communication lapses and other actions transpired among agents and other law enforcement entities on the day former President ...3 days ago -
The Guardian - World
Postecoglou faces volatile reality with climate shifting at Tottenham
Spurs manager enjoyed a stirring start to reign last season but is now enduring difficult questions from grumbling fans. Ange Postecoglou agrees because he knew just as well as anyone how it would ...2 days ago - Climate
More from The Hill
-
The Hill - Politics
Wyden presses hospitals for answers about delayed or denied emergency abortion care
A top Senate Democrat is pressing hospitals in states with abortion bans about how they are complying with a federal emergency care law, following reports about women who need emergency ...23 minutes ago - Abortion -
The Hill - Politics
Coalition pushes lawmakers to sign 'No Dictators Declaration' in wake of immunity decision
A bipartisan coalition is pushing for lawmakers to sign a declaration to combat possible abuses of power by the president in the wake of a Supreme Court decision giving former executives broad ...36 minutes ago -
The Hill - Politics
Trump accuses DOJ, FBI of ’mishandling and downplaying’ assassination attempt
Former President Trump on Monday accused the Justice Department and FBI of “downplaying” the second apparent assassination attempt against him this year, suggesting the case should be left to ...58 minutes ago - Donald Trump -
The Hill - Politics
Harris leads Trump by 5 points in Pennsylvania: Poll
Vice President Harris is leading former President Trump in the swing state of Pennsylvania, according to a new Spotlight PA/MassINC poll. Harris is winning 49 percent support in the poll, compared ...1 hour ago - Donald Trump -
The Hill - Politics
Harris tops Trump by 5 points in Minnesota: Poll
Vice President Harris leads former President Trump by 5 points in Minnesota, according to a poll released Monday. Harris garnered 48 percent support from registered voters in the North Star State ...1 hour ago - Donald Trump