Sakti3 Raises $4.2 Million From GM Ventures and Itochu
GM Ventures and Itochu has invested $4.2 million in lithium ion battery development company Sakti3. GM Ventures, the venture capital arm of General Motors invested $3.2 million and Itochu invested the rest.
GM said that the batteries being developed by Sakti3 could end up in company cars. Sakti3 is led by CEO Ann Marie Sastry, who is also a professor at the University of Michigan.
“The technology that Sakti3 is working on is very innovative,” stated G.M Ventures President Jon Lauckner in an interview. “It’s quite different from standard electro-chemical cells, and it’s a technology not in the marketplace today. It has the potential of being a real game changer going forward.”
The is the second major investment made by GM Ventures. This past August, GM Ventures announced they would invest $5 million in Bright Automotive in Anderson, Indiana.
Dr. Sastry said that these new batteries would replace standard liquid electrolyte and electrodes with solids. This has the potential to double energy density. So far Sakti3 has raised a total of $16 million.
[NYT]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry