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Goodyear's (GT) Venture Arm Expands Portfolio, Invests in AmpUp

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The Goodyear Tire & Rubber Company (GT - Free Report) recently announced that its venture capital arm — Goodyear Ventures — has invested in AmpUp, a leader in electric vehicle (EV) charging.

Headquartered in Cupertino, CA, AmpUp's solutions serve thousands of EV drivers and charge station owners across North America and abroad. The company supports green transportation options through its advanced charging network and software solutions, thereby enabling drivers, hosts, and fleets to charge their vehicles seamlessly.  

Goodyear Ventures is on a mission to drive the future of mobility by partnering and investing in start-ups in emerging mobility technology, including EV mobility and infrastructure. The investment in AmpUp will give Goodyear Ventures access to the latest electrification trends and bring their charging solutions to fleet customers who want to transit to EVs.

AmpUp is equally thrilled to partner with Goodyear. AmpUp plans to use the new capital to expand its operational and technical capabilities in a bid to cater to the rising demand for charging stations. The latest investment will help AmpUp achieve its goal of increasing charge station access across North America. As AmpUp is focused on providing seamless charging solutions, the company is optimistic about exploring solutions jointly with the Goodyear team nationwide.

Amid the heightening climate-change concerns, the only hiccup to the mass adoption of EVs is the availability of reliable charging solutions. By adding AmpUp to its investment portfolio, Goodyear Ventures will be able to render support to AmpUp for amplifying its charging network further. Further, the partnership with AmpUp will help Goodyear Ventures provide consumers and fleets with solutions that unlock the full potential of EVs.

Goodyear is one of the largest tire manufacturing companies in the world, selling under Goodyear, Kelly, Dunlop, Fulda, Debica, Sava and various other brands. It has secured a leadership position in electric mobility through developing tires that will help them transform their portfolios to more energy efficient and eco-friendly vehicles.

The firm rolled out AndGo and Goodyear Ventures in January 2020. While Goodyear Ventures intends to advance future mobility solutions over the next decade with a targeted investment of $100 million, AndGo is designed to be a seamless vehicle servicing platform that integrates predictive software with a trusted service network. In February, Goodyear Ventures added TuSimple, a global autonomous trucking technology company, to its growing investment portfolio.  

In June, Goodyear completed the acquisition of Cooper Tire, thereby strengthening its leadership position in the global tire industry. This historic deal marked the collaboration of two of the biggest American tire companies.

Akron-based Goodyear currently carries a Zacks Rank of 3 (Hold).

Better-ranked stocks in the auto space include LKQ Corporation (LKQ - Free Report) , Fox Factory Holding Corp (FOXF - Free Report) , and Harley-Davidson (HOG - Free Report) . While LKQ Corp currently carries a Zacks Rank of 1 (Strong Buy), Fox Factory and Harley-Davidson both carry a Zacks Rank of 2 (Buy), at present. You can see the complete list of today’s Zacks #1 Rank stocks here.