GM funds Indiana electric vehicle startup Bright

[SpartanDem]

Source: Detroit News

General Motors Co.'s new venture capital arm is backing an Indiana plug-in hybrid startup.

GM said today it is providing $5 million in funding to Anderson, Ind.-based Bright Automotive -- the first investment by General Motors Ventures LLC. The move is aimed at speeding production of the IDEA, a plug-in hybrid commercial vehicle that they hope to launch in 2013 or 2014.

The Detroit automaker will get an undisclosed minority stake in the company as part of the deal and will provide engines to Bright.

Funding through GM Ventures will allow Bright to begin ramping up the development of the production program for the IDEA in the third quarter of the year.

Bright's IDEA vehicle is focused on light-weight technology, aerodynamics and a highly efficient drivetrain. The comapyn said it will operates in electric mode for 40 miles before switching to an estimated 36 mpg hybrid mode.This gives the vehicle the potential for achieving more than 100 miles per gallon based on daily driving patterns, the company said.





Read more: http://detnews.com/article/20100803/AUTO01/8030402/1361/GM-funds-Indiana-electric-vehicle-startup-Bright

[Bozvotros]

1. Could have had this about 1982

If Carter hadn't been bushwacked by Republicans making deals with terrorists to prevent the hostages from being released.

[Sherman A1]

2. Yup!

[AwakeAtLast]

3. Considering GM left Anderson in shambles this is the least they could do.

Good to see. :thumbsup: