GM invests $7M in battery startup Envia Systems

Hot off the heels of investing $5 million in Powermat, GM has announced a $7-million-dollar investment in battery startup Envia Systems. GM's investment was the largest chunk of a $17 million-dollar round of funding that Envia has secured. This California-based company concentrates its R&D on developing cheaper and more powerful batteries specifically designed for electric vehicles. It has created a new cathode technology that should reduce costs of the batteries while also making them more powerful. Along with the investment, GM said it reached a separate licensing deal to use Envia's new cathode technology in future plug-in and electric vehicles.
Recently appointed GM CEO Dan Akerson has said he wants to see GM move more quickly to roll out new plug-in hybrids based on the Volt in addition to significantly increasing production of the Volt. Increased Volt production with cheaper and more powerful batteries sounds good to us.

[Source: Automotive News – sub. req.]

Share This Photo X