GM Ventures, the venture capital unit of General Motors (NYSE: GM), is investing $7.5 million into solar panel manufacturer and developer Sunlogics. Sunlogics is moving its U.S. headquarters from Modesto, Calif. To Rochester Hills, Mich. and setting up a manufacturing plant in Ontario.
GM also signed agreements with Sunlogics for the installation of solar charging canopies at Chevrolet dealerships and GM plants as well as installing large-scale solar arrays at GM facilities and purchasing the output from them.
The solar power canopies harness sun energy and convert it into electric power. That power can either recharge plug-in electric cars such as the Chevrolet Volt or provide free power to the dealership.
Sunlogics has installed two canopies at Chevrolet dealerships and has signed deals for another 23. Sunlogics is also marketing the canopies to municipalities and consumers.
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