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GM Ventures invests in solar power developer Sunlogics; signs for installation of solar charging canopies, power purchase agreement

General Motors Ventures LLC has made an equity investment of $7.5 million in Sunlogics PLC, a Michigan-based, vertically-integrated global solar energy systems provider specializing in solar project development and installation. GM also signed commercial agreements with Sunlogics for the installation of 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 produced by these arrays.

Sunlogics will use some of the funding to establish its corporate headquarters and open a manufacturing facility in suburban Detroit, and to set up a manufacturing facility in Ontario.

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. 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. The investment in Sunlogics allows GM to strategically partner with a leading solar developer and operator that can help GM drive the use of solar, specifically large-scale solar installations at our facilities.

—Jon Lauckner, President of GM Ventures

Sunlogics’ management has experience developing and operating innovative solar commercial installations in Canada, United States, and Europe. Sunlogics PLC has a strategic relationship with Sunlogics Power Fund Management Inc. and with other entities to own and operate solar projects developed by Sunlogics PLC.

As part of the announcement, General Motors committed to double solar output globally—from 30 megawatts to 60 megawatts by the end of 2015.

GM has three of the largest automotive rooftop solar power installations in the United States and the largest rooftop solar installation at its car assembly plant in Zaragoza, Spain. Additionally, GM started construction on a new solar field at its Detroit-Hamtramck facility and completed construction on a solar array on top of its Baltimore Operations facility.

Comments

HarveyD

If another 10,000+ firms would join in it could make an impact.

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