Detroit News. GM Ventures took a $3.2 million stake in battery startup Sakti3 (earlier post); this is the venture company’s second announced investment, following its investment in Bright (earlier post).
The Invest Michigan Fund—a $300 million investment arm of Michigan’s pension funds—is backing the company. It said Sakti3’s modeling, manufacturing process and initial production batteries have demonstrated on a small scale that it “has strong potential to produce batteries that radically change the performance and economics of electrified vehicles.”
Founded in 2007 and led by Dr. Ann Marie Sastry, Sakti3 is a spin-out of the University of Michigan. In 2009, the company was designated by the Michigan Economic Development Corporation as a Michigan Center of Energy Excellence in partnership with the University of Michigan and received a $3 million award.