GM Ventures Invests $5M in Powermat, Gets Exclusive Right to Wireless Chargers for Year
General Motors is not only an investor in wireless charging startup Powermat, it will also be its exclusive automotive customer for a year. GM Ventures, the Detroit automaker’s venture capital arm, has invested $5 million in Powermat to help push the Commerce Township, MI-based company’s products into GM cars, including the gas-electric hybrid Chevy Volt.
Reuters reports that a separate multiyear, multimillion-dollar deal with Powermat gives GM exclusive rights to place the company’s portable-device charging stations in its vehicles for a year. GM Ventures President Jon Lauckner says the device will begin in high-end models and be made available in the next 18 months.
GM Ventures, formed last year, has also invested in Indiana-based electric car startup Bright Automotive and Ann Arbor-based battery developer Sakti3.