GM invests $7 million in Envia to gain access to advanced lithium-ion batteries

GM Renaissance Center

We’ve been hearing for a while that General Motors plans on tripling it’s target for electric-car sales by expanding the market for the Volt and adding models that would share similar technology. The automaker also has plans to unveil an all-electric car for the U.S. market.

Bringing itself closer to that goal, GM Ventures announced today that it has invested $7 million in Newark, California based Envia Systems to provide GM’s battery engineering team with access to advanced lithium-ion cathode technology that delivers higher cell energy density and lower cost. As a result, GM has secured the right to use Envia’s advanced cathode material for future GM electric-vehicles.

“Skeptics have suggested it would probably be many years before lithium-ion batteries with significantly lower cost and higher capability are available, potentially limiting sales of electric vehicles for the foreseeable future,” said Jon Lauckner, president of GM Ventures. “In fact, our announcement today demonstrates that major improvements are already on the horizon.”

GM leads latest round of investment in Envia, which totals $17 million.

– By: Omar Rana