Jun 8, 2017   SOURCE: PR NewsWire

Magna partners with RocketSpace to accelerate automotive innovation

    --  Collaboration supports growth of tech startups focusing on mobility
    --  Magna will provide mentoring to startups
    --  Outreach builds on Magna's open for business mindset

AURORA, ON, June 8, 2017 /PRNewswire/ - Tech startups now have a new route to bring their inventions to life in the automotive industry, thanks to a new collaboration between Magna and RocketSpace. Magna has expanded its innovation outreach by joining RocketSpace on its first-ever tech accelerator dedicated to automotive innovation in areas that include: electric vehicle systems, automated driver assisted systems (ADAS) and secure vehicle connectivity.

The Mobility Tech Accelerator Program is RocketSpace's third industry-focused accelerator program. As part of the program and as a corporate partner, Magna will be alongside companies such as BP, Allstate, Volkswagen, Avis Budget Group and IBM.

"Our open for business mentality helps us stay at the forefront of emerging technologies and potentially validate them for automotive applications," said Ian Simmons, Magna's Vice President Business Development Corporate Engineering and R&D. "We see great opportunity to form mutually beneficial relationships when inventors, investors and corporations bring their ideas and resources together."

RocketSpace has fueled corporate innovation programs with over 150 global brands by tapping into the ecosystem of startups around the world. The San Francisco campus alone has been the early home to over 18 unicorns, including Uber and Spotify.

"Magna brings global market knowledge and access to participants of our Mobility Tech Accelerator. Startups alongside global players in this accelerator are helping drive the future of mobility and Magna is a key part of this exciting future," said Ron Yerkes, VP of Accelerators, RocketSpace.

For more information about RocketSpace's Mobility Tech Accelerator Program, visit: http://info.rocketspace.com/mobility-tech-accelerator

TAGS
Open for business, incubator, accelerator, mobility, connected car, RocketSpace

ABOUT MAGNA
We are a leading global automotive supplier with 321 manufacturing operations and 102 product development, engineering and sales centres in 29 countries. We have over 159,000 employees focused on delivering superior value to our customers through innovative products and processes, and world class manufacturing. We have complete vehicle engineering and contract manufacturing expertise, as well as product capabilities which include body, chassis, exterior, seating, powertrain, active driver assistance, vision, closure and roof systems. We also have electronic and software capabilities across many of these areas. Our common shares trade on the Toronto Stock Exchange (MG) and the New York Stock Exchange (MGA). For further information about Magna, visit our website at www.magna.com.

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SOURCE Magna International Inc.