Bright Automotive, an Anderson, Indiana-based hybrid vehicle manufacturing and services company, has received a strategic investment from General Motors Ventures LLC.
The funding will help accelerate Bright’s production of the IDEA, an innovative plug-in hybrid commercial vehicle, which operates in electric mode for 40 miles before switching to an estimated 36-mpg hybrid mode for 100+ mpg potential based on daily driving behavior.
The company is also seeking a low-interest loan through the Department of Energy’s ATVM program.Upon completion of the formal agreements and other terms, expected later this year, General Motors Ventures would have a minority stake in Bright and the company would have access to GM technologies, and advanced engine and transmission systems, for its vehicle.
FinSMEs
04/08/2010