GM will give Bright an undisclosed amount of money through the General Motors Ventures company. The funding comes after the two companies signed a memorandum of understanding in July and will give GM a minority stake in Bright. As an extra, the start-up company will have access to GM's technologies.
"This relationship is an important step forward for Bright, and a strong endorsement of our highly experienced automotive team and our incredible vehicle,” Reuben Munger, Bright Automotive CEO said in a statement.
“With this deal, Bright gets financial support that puts us on the fast-track toward mass production of the IDEA. And perhaps just as importantly, we gain a strategic partner that is a world leader in electrification.”
The car GM is betting its money on is a PHEV which uses a so called Parallel Road-Coupled drivetrain which gives it 40 miles of all electric range and 40 mpg in standard hybrid mode.
Aimed directly at fleet operators, the IDEA is hoped to help save 30 million tons of CO2 and 2.8 billion gallons of fuel in a 150,000 mile life cycle (figures calculated for an IDEA fleet of 250,000 units.
"Funding early-stage start-up companies is a new way of doing business at GM to accelerate the introduction of innovative technology to support our core automotive business and give us a competitive advantage," Jon Lauckner, GM Ventures president added.
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