GM Ventures announced today that it will invest $7.5 million in Sunlogics PLS, a vertically integrated global solar energy systems provider specializing in solar project development and installation. The Detroit automakers said that the investment will create 310 jobs.
As a part of the deal, GM signed a commercial agreement with Sunlogics to install solar charging canopies at Chevrolet dealerships and GM facilities, as well as a power purchase agreement to install large-scale solar arrays at GM facilities and purchase the energy they produce.
“Global solar energy use is predicted to more than double by 2016, so we believe that investing in renewable energy is a smart and strategic business decision,” said Jon Lauckner, president of GM Ventures. “And the Chevrolet solar charging canopy project complements our electrification strategy that started with the Chevrolet Volt by helping our cars live up to their fullest green potential.”
Some of the $7.5 million will be used by Sunlogics to establish its headquarters and open a manufacturing facility in suburban Detroit,
GM said that it is committed to double its solar energy output globally by the end of 2015.
– By: Omar Rana