LAS VEGAS, Nev.: The venture capital firm Vw Sells in December raised a majority stake for $1.5 billion in its newest partner: industrial equipment maker Cummins Inc.

The company is led by former CEO Jeff Wicks, who stepped down as Cummins chairman last year and was replaced by Mike Lee, Cummins board member since 2017. Vw Sells has invested in the U.S. oil & gas sector since 2005. Its next investment will be an offshore wind farm project called Picea that could create 100,000 jobs at an offshore windfarm site near Kona Island. Another investment expected by early 2021 will get underway in Virginia Beach on a new marine port terminal.

Vw Sells also owns two retail chains and is looking to grow its into a technology platform for business buyers with software solutions such as e-commerce, accounting and other related services. One potential piece of that technology is the EVgo mobile app which allows customers to pay for their own vehicle with their personal credit or debit cards with no service station visits required. And it could expand even further over time with autonomous driving features.

Lee, who was formerly a leader at GE, said he would stay on in his role through early 2022. He is expected to focus on developing manufacturing capabilities, accelerating growth in Asia, investing in digital solutions and pursuing acquisitions.

The timing of the investments makes sense given the global shift towards electrification. “As we look ahead, we want to invest more where the value lies, instead of waiting until something happens,” Lee said.

Munke Denners is Vw Sells managing director who worked closely with Wicks during his tenure at Cummins and remains one of Cummins COO Craig Coppin. Menners served as executive vice president and general manager of Cummins’ powertrain business before joining Vw Sells. Prior to Cummins, Munke held various roles at Honeywell International, including serving as deputy CEO of Aerojet after becoming General Manager of North American Powertrain Business and Executive Vice President of Powertrain Operations at Boeing. Before joining Honeywell International, she spent 20 years at GE as corporate vice president overseeing strategic initiatives across all businesses.

Denners will take over from Jan Houten who will step down as group head of operations and distribution, effective immediately. Denners reports directly to Wicks.

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