DETROIT (AP) — General Motors Ventures, which invests in new technologies on behalf of General Motors Co., said Thursday it is investing $7.5 million in Sunlogics PLC, a solar energy systems provider.
GM also signed an agreement with Sunlogics for the installation of solar charging canopies at Chevrolet and GM dealerships, as well as a power purchase agreement to install large-scale solar arrays at GM facilities and purchase the energy they produce.
Sunlogics, which is based in the Detroit suburb of Rochester Hills, Mich., will use some of the funding to establish its corporate headquarters and some to set up a manufacturing facility in Ontario. The investment is expected to create 310 jobs.
Jon Lauckner, the president of GM Ventures, said the partnership will help GM with the installation of solar projects at its facilities worldwide.
GM said it wants to double its solar energy output to 60 megawatts by the end of 2015. That would be enough to power 10,000 homes annually, the company said.
GM shares rose 21 cents to $28.35 in afternoon trading Thursday.
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