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GM Ventures invests in solar power developer Sunlogics

General Motors Ventures LLC has made a $7.5 million equity investment of in Sunlogics PLC, a vertically integrated global solar energy systems provider specializing in solar project development and installation.
GM Ventures invests in solar power developer Sunlogics

The automotive giant also signed commercial agreements with Sunlogics for the installation of solar charging canopies at Chevrolet dealerships and GM facilities, as well as a power purchase agreement to install large-scale solar arrays at GM facilities and purchase the energy they produce.

Sunlogics will use some of the funding to establish its corporate headquarters and open a manufacturing facility in suburban Detroit in the US, and to set up a manufacturing facility in Ontario.

“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,” said Jon Lauckner, president of GM Ventures. “And the Chevrolet solar charging canopy project complements our electrification strategy that started with the Chevrolet Volt by helping our cars live up to their fullest green potential.”

Sunlogics’ management has experience developing and operating solar commercial installations in Canada, the United States, and Europe. ITtalso has a strategic relationship with Sunlogics Power Fund Management Inc. and with other entities to own and operate solar projects developed by Sunlogics PLC.

“The investment in Sunlogics allows GM to strategically partner with a leading solar developer and operator that can help GM drive the use of solar, specifically large-scale solar installations at our facilities,” Lauckner said. “Sunlogics was the ideal choice because it is a vertically integrated company that has a global footprint.”

Said Michael Matvieshen, CEO Sunlogics: “GM’s solar expansion and financial commitment provides a firm foundation for the growth of Sunlogics’ business worldwide and will bring more sustainable green energy to GM operations.”

“The partnership provides a new level of opportunity to the larger scale industrial solar projects Sunlogics designs, manufactures and constructs,” Matvieshen said. “We are looking forward to further assisting our customers in reducing their carbon footprint with sustainable renewable energy.”

General Motors is seeking to double its solar energy output globally by the end of 2015.

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