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GM Invests $7m in Battery Startup Envia

GM Ventures LLC invested $7 million into a battery startap Envia Systems as it seeks to reduce the high cost of lithium-ion batteries used in its electric vehicles.

Newark, California-based Envia has developed advanced cathode technology uses inexpensive materials that store more energy per unit of mass than current cathode materials. Since the cathode is a key driver for the overall battery cost, the more energy the cathode delivers, the lower the battery cost because fewer cells are needed.

In a separate agreement, GM has secured the right to use Envia’s advanced cathode material for future GM electrically driven vehicles.

Other participating investors in Envia are Asahi Kasei and Asahi Glass; as well as current investors Bay Partners, Redpoint and Panagea Ventures. The funding of the investor group totaled $17 million.

Envia Systems will be the fourth company, beside Bright Automotive and battery startup Sakti3, funded by General Motors Ventures, a subsidiary the automaker created to invest in auto-related start-up companies.

Jan 26, 2011Blagojce Krivevski
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Blagojce Krivevski

Blagojce Krivevski is physicist and green technology lover. Keep in touch with Blagojce through his email, web site, Twitter, Linkedin, Facebook and Google+.

January 26, 2011 Electric Car NewsEnvia, Envia Systems, General Motors Ventures, GM Ventures, GM-Envia
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