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GM and PHEV Maker Bright Automotive Announce Strategic Relationship; GM Ventures Funding

Bright Automotive, the developer of the purpose-built, plug-in hybrid IDEA (earlier post), and General Motors Co. have agreed to pursue a strategic relationship.

GM has provided funding to the Indiana automaker, the first funding action by the newly formed General Motors Ventures LLC (earlier post). Funding through GM Ventures will allow Bright to begin ramping up the development of the production program for the IDEA in the third quarter of 2010. Bright continues to seek a low-interest loan through the Department of Energy’s ATVM program. Financial terms were not disclosed.

The companies signed a memorandum of understanding in July. GM Ventures provided funding to Bright this week, and the two companies intend to complete the formal agreements later this year. Upon completion of the agreements and other terms, General Motors Ventures would have a minority stake in Bright Automotive and Bright would have access to GM technologies, and advanced engine and transmission systems, for its vehicle.

Funding early-stage start-up companies is a new way of doing business at GM to accelerate the introduction of innovative technology to support our core automotive business and give us a competitive advantage. In this case, our funding of Bright Automotive will accelerate the introduction of advanced propulsion and light-weight technologies in the commercial vehicle market.

—Jon Lauckner, president of GM Ventures

This relationship is an important step forward for Bright, and a strong endorsement of our highly experienced automotive team and our incredible vehicle. With this deal, Bright gets financial support that puts us on the fast track toward mass production of the IDEA. And perhaps just as importantly, we gain a strategic partner that is a world leader in electrification.

—Reuben Munger, Bright Automotive Chairman and CEO

In developing the IDEA, Bright started with a clean sheet of paper, listened to customers, and took a novel approach to product development that focused on light-weighting, aerodynamics and a highly efficient drivetrain. The result is a multipurpose vehicle for business fleets—the first designed to be highly efficient and provide a clear economic benefit.

The IDEA operates in electric mode for 40 miles before switching to an estimated 36-mpg hybrid mode for 100+ mpg potential based on daily driving behavior.

General Motors Ventures, LLC, was funded with an initial investment of $100 million, and is currently exploring equity investments in a number of auto-related technologies and business models.

Bright Automotive launched from Colorado-based Rocky Mountain Institute (RMI) in January 2008.

Comments

HarveyD

A smart way to accelerate production of various electrified vehicles for the world market.

This may also be a good vehicle for the fast growing (No. 1) GM China and Asia market. Chinese built units could be more price competitive.

SJC

We could see Chinese cars being sold in the U.S. and then U.S. brands made in China coming here soon after. The joke was we would be seeing Chinese cars sold at Walmart. That may not have been far off the mark.

creativforce

No joke, I saw Chinese Electric motorcycles at Menards on Saturday. How far behind are electric cars? I would buy this one tomorrow if it were avaialble here: http://greenauto.en.alibaba.com/product/209702785-209282644/Tricycle_with_lithium_battery.html?tracelog=cgsotherproduct4

SJC

"Bright Automotive launched from Colorado-based Rocky Mountain Institute (RMI) in January 2008."

More on topic, RMI has been promoting lighter cars for a while. I say an aluminum space frames and polymer panels go a long way towards efficiency. The Fiero GT and Saturn had the right idea, but never got to expand upon that.

ejj

If these are going to be $40,000-$50,000 vehicles, the IDEA is dead on arrival.

SJC

As the Zen master said "we will see".

Edward Son

entered into a strategic relationship and an agreement with China-based Amperex Technologies Ltd. (ATL) to expand the use of nickel-manganese-cobalt (NMC) cathode materials in lithium-ion batteries targeted at consumer electronics and automotive applications.Relationship with Ovulation Cal

Edward Son

communication in their relationship with each other. They said they're not looking for their partnership to be a free-for-all, and that polyamory seems a more fitting word for the presence of emotion they sustain with one another. Look for Ovulation Cal Here

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