Sakti3 Seeking $15 million DOE grant, Strikes GM Partnership
11 May 2009
Michigan Business Review. Battery technology startup Sakti3 has secured $15 million in commitments from the Michigan Economic Development Corp. (MEDC) and private equity sources and is pursuing a matching $15 million grant from the Department of Energy’s $2 billion Electric Drive Battery and Component Manufacturing Initiative.
Company founder Dr. Ann Marie Sastry of the University of Michigan said the funding would allow Sakti3 to establish a pilot battery production plant by 2010. Sastry also said that the company has struck a partnership with General Motors to develop lithium-ion battery manufacturing technology.
“It’s going to allow us to scale rapidly to get to high-volume production,” Sastry said of the new funding. “We’re very serious about going straight to automotive as our key market.”
..Engineers from GM and Sakti3 will collaborate to design new materials integral to future battery technologies. GM is not providing funding, and Sakti3 remains an independent company.
Sakti3 is also becoming a client of Ricardo Inc. to further develop the battery technology.
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