The FAA Enters Setforge
The Automotive Future Fund (FAA) Enters the Capital of Setforge
Setforge has just officially announced the already existing since 2011 collaboration between the forging group and the Automotive Future Fund (FAA). The FAA entered the capital of Setforge on October 1st, 2019 as in investor.
The Automotive Future Fund has replaced FMEA (The Automotive Modernization Fund founded in 2009) and joined as an investor PSA, Renault and Bpifrance and the five major OEM automotive suppliers Bosch, Faurecia, Hutchinson, Plastic Omnium and Valeo. The goal was to create equity or quasi-equity for Tier 1 and Tier 2 automotive suppliers. Automotive suppliers were sought in a targeted manner to carry out innovative industrial projects and create added value and competitiveness for the economy.
Sealed with trust and support, this partnership allows Setforge and the company’s current shareholder Farinia Group to welcome the future with even more energy and ambition for all planned activities.
BPIFrance is a public investment bank that helps French companies realize their innovation projects. BPIFrance provides financial aid to companies and accompanies them at every stage of their development (loans, guarantees or investments). BPIFrance accompanies the companies in their innovative projects and also ensures their export activities worldwide, which is covered by a comprehensive range of services: training, networking (networking), and accelerated support programs for start-ups. Small and medium-sized companies are also part of the offers for company founders.