January 14, 2018 | Auto alliance Renault-Nissan-Mitsubishi, also known as Alliance Ventures, announced on Sunday that it was launching a new $1 billion venture capital fund for “next-generation mobility,” with offices in Tel Aviv, Silicon Valley, Paris, Yokohama, and Beijing. The alliance says the locations were chosen based on proximity “to the technology and research centers of the Alliance member companies, as well as to areas with strong innovation ecosystems.” The fund will prioritize “open innovation in new mobility, including electrification, autonomous systems, connectivity and artificial intelligence,” according to a press release. The funds will be invested over the next five years. The first deal will be a strategic investment in Ionic Materials, a US company developing cobalt-free solid-state battery materials, the companies announced. Carlos Ghosn, chairman and chief executive officer of Renault-Nissan-Mitsubishi, said, “Our open innovation approach will allow us to invest and collaborate with start-up companies and technology entrepreneurs, who will benefit from the global scale of the Alliance. This new fund reflects the collaborative spirit and entrepreneurial mindset at the heart of the Alliance.” Renault (40 percent), Nissan (40 percent) and Mitsubishi Motors (20 percent) will jointly fund the venture. Renault opened an innovation center in Israel in 2016.