Sona BLW collaborates with Israel-based innovation hub ‘Drive TLV'; stock under pressure

17 Aug 2022 , 09:21 AM

Sona BLW Precision Forgings Ltd. (Sona Comstar) has joined forces with Drive TLV (DRIVE), an Israel-based innovation hub focused on smart mobility solutions.

Sona Comstar will gain access to Israel’s high-tech mobility start-up ecosystem through its partnership with DRIVE.

Drive TLV works with a select group of mobility industry partners. Its partners rely on DRIVE to bring them top emerging technologies and tailor solutions to their specific requirements.

With its extensive mobility experience and network, in-depth knowledge of each partner’s assets, and the ability to back the partnership with targeted investments, DRIVE can make effective matches between its partners and promising start-ups based on real market needs.

Since 2017, Drive TLV has assisted more than 50 mobility-focused start-ups in raising more than $2 billion to develop and commercialize new technologies.

Sona Comstar is an automotive technology company that provides mission-critical systems and components to customers all over the world. The industry is rapidly moving toward electrification, connectivity, autonomy, and shared mobility.

Sona Comstar, as an innovation-hub partner, is eligible to participate in DRIVE’s start-up commercialization programme, FASTLANE. It will also have access to DRIVE’s new testing, evaluation, and development facility, POWER.

At around 9.28 AM, Sona BLW Precision was trading at Rs565.60 down by 0.81% from its previous closing of Rs570.20 on the BSE. The scrip opened at Rs573 and touched intraday high and low of Rs582 and Rs564.45 respectively.