GM Ventures, a General Motors unit, takes an undisclosed stake in Sunlogics Inc. as it invests $7.5 million. The solar energy systems manufacturer will use the funds to set up plants in Michigan and Canada.
Doing so will lead to the creation of 310 jobs. In addition, GM Ventures inked commercial deals with Sunlogics to install solar charging stations at Chevrolet dealerships and GM plants.
They also had signed a power purchase deal for the installation of large solar arrays at GM factories and the purchase of the energy generated by the arrays.
In a statement, Jon Lauckner, president of GM Ventures, said that as global solar energy use is expected to more than double by 2016, the company believes that placing investment in renewable energy is a “smart and strategic business decision."
It also stated that the Chevrolet solar charging canopy project complements its electrification strategy that had begun with the Chevrolet Volt. GM said that along with the Sunlogics deal, it has committed to doubling the usage of solar power use at its plants worldwide to 60 megawatts by the end of 2015. This usage is comparable to powering 10,000 homes each year.
GM has attracted a lot of interest due to its plug-in hybrid electric Chevrolet Volt car. GM seeks to achieve what Toyota Motor Corp has earned with its Prius hybrid vehicle.
Previously, Sunlogics and GM had worked together to develop a solar photovoltaic canopy and charging station for Volt dealers. Currently, there are two in place at stores located in Grand Blanc, Mich., and Modesto, Calif.
General Motors revealed that it continues to be steadfast in its plan to double, towards the end of 2015, the company’s solar energy output. When it comes to renewable energy, GM continues to be ahead in the auto industry.
In the U.S. alone, the company has three of what may be the largest automotive facilities running on solar power from the rooftop. Meanwhile the company also has a car assembly facility located in Zaragoza, Spain, which is the largest rooftop solar plant in the world. The company has even started construction of a solar field at its facility in Detroit-Hamtramck facility even as the solar array above its Baltimore Operations plant has been completed.
GM vice president of Energy, Environment & Safety Policy Mike Robinson shared that the company’s facilities contain solar power totaling 30 megawatts. Today, he added, the company intends to increase that to 60 megawatts over the coming years.
This amount can power an estimated 10,000 homes per year, he continued. Utilizing renewable energy is not only good business sense but makes sure that the company’s facilities impact on the environment is lessened, Robinson said further.
Sunlogics PLC is a global solar energy systems provider, vertically integrated, and specializes in the development and the installation of solar projects. Sunlogics has entered into a collaboration with Sunlogics Power Management Fund Inc (SLMU:US), as well as other companies, with the sole objective of owning solar projects that have been developed by Sunlogics PLC, in addition to operating it. Aside from the U.S., the company has projects and operations in other countries like Canada, China, and Europe.
To know more, simply visit www.sunlogics.com. General Motors Ventures LLC is a subsidiary of GM that was made to help the parent company determine and then develop different advanced technologies for use in the automotive industry or transportation sector.
GM Ventures was started after being originally funded with a $100 million initial investment. At present, it is looking into equity investment in various technologies and business models that are related to the auto industry. Additional information can be accessed through www.gmventures.com.