Bright Automotive and General Motors Co. have agreed on a strategic relationship where General Motors Ventures LLC will provide funding to the Indian company to develop hybrid propulsion and lightweight technologies.
The funding will help accelerate Bright's production of the IDEA, a plug-in hybrid commercial vehicle.
From the official Press Release:
Reuben Munger, Bright Automotive Chairman and CEO, has commented "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."
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," said Jon Lauckner, president of GM Ventures. "In this case, our funding of Bright Automotive will accelerate the introduction of advanced propulsion and light-weight technologies in the commercial vehicle market."
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 delivers a positive total cost of ownership to fleet customers by providing significantly greater fuel efficiency than current fleet vehicles in its class. 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.
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.
About General Motors Ventures
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.
About Bright Automotive
Bright Automotive launched from Colorado-based Rocky Mountain Institute (RMI) in January, 2008 with the world's most experienced EV/PHEV team and the goal of building on the work of a consortium of organizations, including Alcoa, Google.org, Johnson Controls and the Turner Foundation.
Since then, Bright Automotive has developed the IDEA, the world's first multi-purpose, plug-in hybrid electric vehicle aimed at commercial and government fleets. It has also launched Bright eSolutions, which delivers expertise to automotive customers worldwide to accelerate vehicle electrification, lightweighting, and overall platform efficiency.
More information about Bright Automotive can be found at www.brightautomotive.com.
(Source: GM)
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