General Motors (GM) Ventures LLC has made an equity investment of $7.5 million in Sunlogics PLC, a vertically integrated solar energy systems provider.
Sunlogics says it will use some of the funding to establish its corporate headquarters and open a manufacturing facility in Detroit, as well as to create a manufacturing facility in Ontario.
GM also has signed commercial agreements with Sunlogics for the installation of solar charging canopies at Chevrolet dealerships and GM facilities and a power purchase agreement to install large-scale solar arrays at GM facilities.
‘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,’ says Jon Lauckner, president of GM Ventures.
GM notes it is committed to doubling its solar energy output globally by the end of 2015.