General Motors (GM) and Bright Automotive have struck a deal to develop plug-in hybrid electric vehicles together. Bright Automotive is the first recipient of funding from General Motors Ventures L.L.C., its venture capital subsidiary formed in June 2010. Bright will receive a $5 million investment from General Motors.
Jon Lauckner, president of GM Ventures said, “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.”
Bright Automotive is marketing the IDEA, a light-duty hybrid-electric commercial vehicle for business and government fleets. Like GM’s Volt, the IDEA can travel 40 miles on emissions free electric mode before switching to its 36 MPG hybrid engine.
Besides having a world leader as a strategic partner, the IDEA now has the financial support it needs to move towards mass production.
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