General Motors invests $5 million in Israeli cordless charging startup
07 Jan 2011
General Motors' venture capital subsidiary, GM Ventures will invest $5 million in PowerMat - an Israeli startup company that makes cordless charging units for personal electronic devices, a technology that is expected to revolutionise how electronic devices are charged in the future.
China's Haier Group, the maker of refrigerators, coffee makers, air conditioners and freezers, is also planning to sign up with PowerMat to make most of its appliances run without the need of being plugged into a power outlet, while on Wednesday Arconas Corporation, an Ontario-based seating products supplier signed a contract with PowerMat to embed its PowerMat technology in its seating products that it supplies to about 130 airports globally.
PowerMat's eponymous product is a mat upon which personal electronic devices such as cell phones, MP3 players and gaming devices are placed and charged wirelessly though magnetic induction.
''Imagine a mat or shelf where you could put your iPhone, your Droid or other personal device and charge it automatically while you commute to work, run errands or as you're driving on a family vacation,'' said Micky Bly, GM's lead electronics executive, including infotainment, hybrids and battery electric vehicles.
GM plans to install the PowerMat in its new Chevrolet Volt electric car, which will be the first vehicles to offer this technology and then extend it to all its future Chevrolet, Buick, GMC and Cadillac cars beginning mid-2012.
As part of the $5 million investment deal, after an undisclosed period of exclusivity, PowerMat will be allowed to sell the product to other automakers. The investment by GM Ventures is convertible to PowerMat equity within six months.
