GM Ventures, Itochu invest $4.2m in Michigan battery company Sakti3

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A little over a month ago, General Motors Ventures announced its first investment: an undisclosed amount in Indiana-based plug-in hybrid van maker Bright Automotive. Today, GM Ventures revealed its second partner: Sakti3, a somewhat secretive lithium-ion battery developer based in Ann Arbor, MI. GM Ventures and Itochu Technology Ventures have invested $4.2 million into Sakti3, Inc., "to advance the firm's manufacturing capabilities," and to speed up commercialization of the battery cells, according to GM.

Dr. Ann Marie Sastry, the CEO of Sakti3 (pictured), said in a statement that:
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.
Itochu also partners with Ener1, which works closely with Think. This past April, Khosla Ventures and Beringea invested in Sakti3. Sakti3 also received a $3 million grant from The Michigan Economic Development Corporation.

[Source: GM Ventures]

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GM Ventures, Itochu invest $4.2m in Michigan battery company Sakti3 originally appeared on Autoblog Green on Fri, 10 Sep 2010 11:53:00 EST. Please see our terms for use of feeds.

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