InfoAnda - $4.2M Venture To Speed Auto Battery Sales Launched By GM and Itochu Technology

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Home U.S. World Entertainment Sports Business Health Science Technology Politics Offbeat Environment Travel $4.2M Venture To Speed Auto Battery Sales Launched By GM and Itochu Technology Use Article Email Facebook Digg Twitter Buzz Up! Share September 12, 2010 7:17 a.m. EST Topics: business, economy, business and finance, United States Jeehan Fernandez - AHN News Writer Ann Arbor, Michigan, United States (AHN) - General Motors (GM) Ventures and Itochu Technology Ventures have poured in $4.2 million investment to strengthen manufacturing and sales of next-generation lithium-ion batteries by developer Sakti3, Inc. The collaboration aims to push commercialization of Sakti3 battery cells as the two new strategic investors joined previous investors Khosla Ventures and Beringea. Michigan officials welcomed the recent development citing continuing growth and huge potentials in manufacturing and auto sector. “This investment is the latest piece of strong evidence that many U.S. companies and especially Michigan companies are thriving as the auto industry moves toward a future of technologically advanced energy-efficient vehicles,” Senator Carl Levin said in a statement. The investment is a major additional step forward as Sakti3’s solid-state advanced battery technology offers tremendous potential for powering the next generation of electric drive vehicles in the U.S. and around the world, he said. “Regrowth of manufacturing in Michigan is a high priority. As we grow America’s auto industry, Sakti3 is a great example of how we can bring together our expertise in manufacturing and academia to create new opportunities and new jobs,” Senator Debbie Stabenow stressed. In 2009, Sakti3 was awarded a $3 million grant from Michigan Economic Development Corporation (MEDC) and has been designated as a State of Michigan Center of Energy Excellence (CoEE) in partnership with University of Michigan. “Sakti3 is an exciting, next-generation battery company with cutting-edge technology and a brilliant team. We’re thrilled that Sakti3, one of our CoEE has chosen Michigan as the place to bring its breakthrough technology to scale,” said Governor Jennifer M. Granholm. “GM Ventures is making strategic investments in new technology to support our core automotive business. Our objective is to identify start-up companies that offer the best future technology for our vehicles, including next generation propulsion systems,” GM Ventures President Jon Lauckner said. 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