General Motors Invests in Commercial Hybrid Maker
The initial funding amount was not disclosed.
Bright Automotive, based in Indiana, received the funding from General Motors Ventures LLC, which was formed in June to invest in companies that develop auto-related technologies.
The companies said in a release that the funding will help ramp up production in the third quarter of Bright Automotive's IDEA, a plug-in hybrid commercial van that is not yet available for sale.
The companies signed a memorandum of understanding in July to form a "strategic partnership."
General Motors Ventures and Bright said they intend to complete formal agreements later this year that will give General Motors Ventures a minority stake in Bright Automotive. In turn, Bright would have access to GM technologies for the IDEA.
General Motors Ventures was funded with an initial investment of $100 million.