GM has established a venture capital unit back in June last year with a fund of $100mn for investing in technologies related to auto. According to recent reports, this venture capital has invested a further $7.5mn in Sunlogics Inc., a solar energy company that will make an investment of $30mn for opening their factory and global headquarters in Rochester Hills.
According to reports, this move is expected to develop 200 new Metro Detroit jobs as well as support an additional 110 new jobs in Ontario, the location where the company wants to open another manufacturing base.
GM Ventures is reported to have picked the Sunlogics Inc. for providing stations for solar powered charging at the facilities of the car manufacturer, and its Chevrolet dealerships in North America, where they plan to sell their Chevy Volt plug-in vehicle. Sun Logics will use this funding by GM to establish their headquarters in a building having 1,40,000 sq ft that is owned by Dana Holding Corporation, the auto supplier company.
County executive, L. Brooks was quoted as saying that the investment by GM Ventures demonstrates that innovation and technology continue to flourish in Oakland County. They appreciate the important commitment made by GM Ventures to Sunlogics, and the decision of Sunlogics for locating their headquarters in Oakland County’s Rochester Hills.