GM Ventures Takes Stake in Solar Energy Company

Electric Car News | admin | July 28, 2011 at 12:12 pm

GM Ventures LLC, a subsidiary GM created to invest in auto-related start-up companies, announces an equity investment of $7.5 million in Sunlogics PLC, a company that is specialized in solar project development and installation.

GM also signed commercial agreements with Sunlogics for the installation of solar charging canopies at Chevrolet Volt dealerships as well as solar panels on the roofs of some of GM facilities.

As part of today’s announcement, General Motors committed to double its solar energy output globally, from 30 MW to 60 MW, by the end of 2015.

The investment will create 310 jobs in the Southeast Michigan and Ontario, Canada.

Sunlogics PLC is the fifth company beside Proterra, Envia Systems, Bright Automotive and battery startup Sakti3, funded by General Motors Ventures.

GM set up General Motors Ventures LLC in June-2010 with $100 million to invest in companies that are developing transportation technology.