GM Ventures To Invest $7 Million In Lithium Ion Battery Company Envia Systems

Posted Jan 28, 2011

General Motors subsidiary GM Ventures announced recently that they are investing $7 million into lithium ion battery company Envia Systems. GM’s goal is to reduce the high cost of lithium-ion batteries used in electric vehicles. Envia Systems researches lithium-ion cathods, which is material where electricity flows. Envia plans on using the funding to research cost-reducing technology for creating batteries that stores energy at a greater density. GM also bought the rights to use Envia cathode materials in their future electric vehicles. “Skeptics have suggested it would probably be many years before lithium-ion batteries with significantly lower cost and higher capability are available, potentially limiting sales of electric vehicles for the foreseeable future,” stated GM Ventures President Jon Lauckner. “In fact, our announcement today demonstrates that major improvements are already on the horizon.”