Sunlogic solar canopies will be used at a variety of GM dealerships and other operations.
General Motors Ventures, GM’s private venture capital fund, will investment $7.5 million in Sunlogics PLC, a firm specializing in solar projects.The investment reflects estimates that the use of solar panels will double between now and 2016.
Sunlogics will shift its headquarters to Michigan and in the process create 200 new jobs in the Detroit suburb of Rochester Hills.
Officials say GM Ventures is looking for more projects in which to invest, and is particularly interested in projects in infotainment, advanced materials and advance manufacturing.
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“There is an obvious bias towards clean energy,” saiid John Lauckner, president of GM Ventures, the $100 million fund created last year to invest in companies with advanced technology.
About $45 million of the initial $100 million GM put into the fund has been invested in six different projects, Lauckner said. The fund has also assumed control of two investments in biofuels made before the fund was created.