Genesis Morocco: General Motors invests $7.5 million in solar energy firm Sunlogics

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Genesis Morocco

Project Genesis is a strategic sustainable development framework for Morocco to translate from being a net importer of energy and a country facing water shortage issues, into the number one producer both of clean renewable energy and water in the region.

Saturday, August 13, 2011    <<Home

General Motors invests $7.5 million in solar energy firm Sunlogics

Personal Notes : GM is going global with its sunny ambitions. Jon Lauckner, president of GM Ventures, sums it up, "a smart and strategic business decision"

General Motors has invested $7.5 million and taken an undisclosed stake in Sunlogics, a global solar energy systems provider. This significant lump of cash will help Sunlogics establish facilities in Michigan and Canada.

Additionally, GM Ventures says it signed commercial agreements with Sunlogics for the installation of solar-powered charging stations at select Chevrolet dealerships and other GM-owned sites, as well as a power purchase deal that calls for the installation of solar arrays at some of the automaker's facilities.

Jon Lauckner, president of GM Ventures, said in a statement:
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. And, the Chevrolet solar charging canopy project complements our electrification strategy that started with the Chevrolet Volt.
In conjunction with the Sunlogics deal, GM committed to doubling the use of solar power at its facilities across the globe by the end of 2015.

[Source: General Motors]