GM spokeswoman Sherri Childers-Arb confirmed that GM Ventures had invested $3.2 million on Wednesday in Ann Arbor-based Sakti3 Inc., a battery company working to develop advanced solid-state rechargeable technology for automobiles and portable electronics.
The Detroit automaker is getting an undisclosed equity stake in the company in exchange for its investment, Childers-Arb said.Sakti3 is working to enable electric drivetrains that can get over 100 miles per gallon.
The Invest Michigan Fund -- a $300 million investment arm of Michigan's pension funds -- is backing the company. It said Sakti3's modeling, manufacturing process and initial production batteries have demonstrated on a small scale that it "has strong potential to produce batteries that radically change the performance and economics of electrified vehicles."
The fund helped Sakti3 raise $7 million in new capital earlier this year.
Founded in 2007, Sakti3 is a spin-out of the University of Michigan. In 2009, the company was designated by the Michigan Economic Development Corporation as a Michigan Center of Energy Excellence in partnership with the University of Michigan and received a $3 million award.
"We aggressively worked to keep Sakti3 here because this high-tech innovator is a key player in Michigan's growing advanced battery industry," Gov. Jennifer Granholm said earlier this year. "As a Michigan Center of Energy Excellence partnered with the University of Michigan, Sakti3 clearly demonstrates the great value that comes when private business, universities and government work together."
Last month, GM said its GM Ventures LLC arm invested $5 million Anderson, Ind.-based Bright Automotive. The move is aimed at speeding production of the IDEA, a plug-in hybrid commercial vehicle that Bright hopes to launch in 2013 or 2014.
GM is getting an undisclosed minority stake in Bright as part of the deal and will provide engines to the company.
Source: Detroit News
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