General Motors Invests $5 Million In Powermat
General Motors Company (NYSE:GM) has invested $5 million into wireless charging mat start-up company Powermat. Powermat will be added in some of GM’s vehicles in the next year, including the 2012 Chevy Volt. The investment was made through GM Ventures.
GM has a multi-year and multimillion-dollar deal with Powermat that includes an exclusive one-year deal to play these systems in vehicles worldwide. This investment by GM Ventures is convertible to equity within 6 months.
The demo car that GM showed with Powermat in it had charging mats in the front console and back seat. Powermat was founded in 2007 and has sold millions of wireless systems for charging smartphones, music players, handheld games, etc.
[Reuters]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry