GM’s chief technology officer said that the automaker will soon exit one of its venture capital unit’s investments.
In 2010 GM started its venture capital unit with a budget of $200 million to invest in start-up companies. No details were offered on how much the automaker has invested or in how many companies, but Chief Technology Officer Jon Lauckner said GM plans to exit its stake in one of its investments when it is acquired or files for an IPO.
“Hopefully we’ll get an exit in the not-too-distant future,” he told reporters on Wednesday. “And hopefully it will basically pay for all the other investments that we’ve made.”
One of the venture’s investments was made in greening and electrification technologies of vehicles. Other areas include sensors or processors, “smart” or advanced materials aimed at improving the car’s performance or cut costs, and in-car information-entertainment technologies.
In 2011 GM invested in California battery maker Envia Systems which developed cathode technology for lithium-ion batteries, which, according to the company, will improve power storage for EVs, as well as high costs and the limited driving range.
“There’s no doubt, they have some very interesting technology,” Lauckner said. “Having said that, we do not have a commercial agreement with the company. Although, we continue to talk about how they fit into our future electric vehicle plans.”