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GM Ventures Makes Strategic Investment in Sakti3

Mon, 09/13/2010 - 12:20pm
PowerPulse.net

Sakti3, Inc., a developer of next-generation lithium-ion batteries, announced the investment of $4.2M by General Motors Ventures and Itochu Technology Ventures to advance the firm’s manufacturing capabilities. The companies also plan to work together to speed commercialization of Sakti3 battery cells. The two, new strategic investors join previous investors Khosla Ventures and Beringea.

"These investments by General Motors Ventures and Itochu Technology Ventures bring us not only capital, but partnerships that will speed our commercialization efforts," said Dr. Ann Marie Sastry, CEO of Sakti3. "Our product planning in the automotive and portables sectors will be accelerated by working with these two preeminent firms. The General Motors agreement partners us with a company that is clearly a global leader in vehicle electrification. Itochu Technology Ventures has a strong focus on energy technologies, and on growth markets in Asia. We’re very pleased to have engaged investors who will help us purposefully and quickly create our target products and address key regional markets."

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