This is why GM announced yesterday it will invest, together with Itochu Technology Ventures, in Ann Harbor based Sakti3, a lithium-ion batteries manufacturer. The two investors will pump into the company $4.2 million, to be used to increase the manufacturing capabilities.
GM and Sakti3 also make plans to develop ways to sell the batteries manufactured in Ann Harbor. GM and Itochu will work together with the investors which have already stated their support for Sakti3, Khosla Ventures and Beringea (Khosla is the company which invested earlier this year, together with IT tycoon Bill Gates, in EcoMotors).
“These investments by General Motors Ventures and Itochu Technology Ventures bring us not only capital, but partnerships that will speed our commercialization efforts,” said Ann Marie Sastry, CEO of Sakti3.
“Our product planning in the automotive and portables sectors will be accelerated by working with these two preeminent firms. The General Motors agreement partners us with a company that is clearly a global leader in vehicle electrification."
"Itochu Technology Ventures has a strong focus on energy technologies, and on growth markets in Asia. We’re very pleased to have engaged investors who will help us purposefully and quickly create our target products and address key regional markets.”
Besides the money coming from investors, Sakti3 also earned a $3 million grant from The Michigan Economic Development Corporation (MEDC) in 2009.
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