GM Ventures Makes Strategic Investment in Sakti3
ANN ARBOR, Mich. -- Sakti3, Inc., an Ann Arbor-based developer of next-generation lithium-ion batteries,
today announced the investment of $4.2M by General Motors Ventures and Itochu Technology Ventures
to advance the firm’s manufacturing capabilities. The companies also plan to work together to speed
commercialization of Sakti3 battery cells. The two, new strategic investors join previous investors Khosla
Ventures and Beringea.
“These investments by General Motors Ventures and Itochu Technology Ventures bring us not only
capital, but partnerships that will speed our commercialization efforts,” said Dr. Ann Marie Sastry, CEO of
Sakti3. “Our product planning in the automotive and portables sectors will be accelerated by working
with these two preeminent firms. The General Motors agreement partners us with a company that is
clearly a global leader in vehicle electrification. Itochu Technology Ventures has a strong focus on energy
technologies, and on growth markets in Asia. We’re very pleased to have engaged investors who will help
us purposefully and quickly create our target products and address key regional markets.”
"GM Ventures is making strategic investments in new technology to support our core automotive
business," said Jon Lauckner, president GM Ventures, LLC. "Our objective is to identify start-up
companies that offer the best future technology for our vehicles, including next generation propulsion
systems. In this case, our investment in Sakti3 gives us access to an innovative battery technology that
has the potential to be a mainstream solution for electrically-driven cars and trucks of the future."
“Today’s announcement is the latest piece of strong evidence that many U.S. companies, and especially
Michigan companies, are thriving as the auto industry moves toward a future of technologically advanced
energy-efficient vehicles, said Senator Carl Levin (D-MI). “The investment in Sakti3’s lithium ion
technology by GM is a major additional step forward. Sakti3’s solid-state advanced lithium ion battery
technology offers tremendous potential for powering the next generation of electric drive vehicles in the
U.S. and around the world. ”
Regrowth of manufacturing in Michigan is a high priority in the State. Said Senator Debbie Stabenow (DMI), “As we grow America's auto industry, Sakti3 is a great example of how we can bring together our
expertise in manufacturing and academia to create new opportunities and new jobs. I am pleased to
partner with Sakti3, and I look forward to seeing the results of this new partnership with GM.”
Sakti3 was awarded a $3 million grant from The Michigan Economic Development Corporation (MEDC) in
2009 and has been designated as a State of Michigan Center of Energy Excellence (CoEE) in partnership
with the University of Michigan.
"Sakti3 is an exciting, next-generation battery company with cutting-edge technology and a brilliant
team," said Governor Jennifer M. Granholm. "We're thrilled that Sakti3, one of our Centers of Energy
Excellence, has chosen Michigan as the place to bring its breakthrough technology to scale."
ADDITIONAL QUOTES:
“Sakti3 represents a new wave of companies that we are spinning out of the University of Michigan, and
Dr. Sastry’s leadership has led to rapid progress in a short time. We’re pleased and proud to be active
members of their efforts, and view their success as fulfilling the University’s mission to transfer R&D
discoveries into great products that improve lives.”
Ken Nisbet, Director, Office of Technology Transfer, University of Michigan
“Turning Michigan around means supporting our innovators, our scientists, our entrepreneurs. Sakti3 is
ready to build advanced batteries to power civilian and military vehicles and communications systems, and
our workers here in Michigan are ready to perform and excel in the 21st century technology economy. The
announcement today of these investments by GM Ventures and Itochu is great news.”
- Congressman Mark Schauer (D-MI)
About Sakti3: Sakti3 is commercializing high performance solid state batteries that are produced using a
novel manufacturing process that has been developed by the company. Sakti3 was founded in 2007 as a
spin-out of the University of Michigan and has been supported to date by Khosla Ventures and the
Michigan Economic Development Corporation. For more information on Sakti3, please contact Trakia
Bennett at info@sakti3.com .
About General Motors: General Motors, one of the world’s largest automakers, traces its roots back to
1908. With its global headquarters in Detroit, GM employs 208,000 people in every major region of the
world and does business in some 120 countries. GM and its strategic partners produce cars and trucks in
31 countries, and sell and service these vehicles through the following brands: Buick, Cadillac, Chevrolet,
FAW, GMC, Daewoo, Holden, Jiefang, Opel, Vauxhall and Wuling. GM’s largest national market is China,
followed by the United States, Brazil, Germany, the United Kingdom, Canada, and Italy. GM’s OnStar
subsidiary is the industry leader in vehicle safety, security and information services. General Motors
acquired operations from General Motors Corporation on July 10, 2009, and references to prior periods in
this and other press materials refer to operations of the old General Motors Corporation. More
information on the new General Motors can be found at www.gm.com.
About General Motors Ventures: General Motors Ventures, LLC, is a subsidiary designed to help the
company identify and develop innovative technologies in the automotive/transportation sector. Leading
the initiative is Jon J. Lauckner, who is now GM Vice President and President General Motors Ventures,
LLC, reporting to Stephen J. Girsky, GM vice chairman Corporate Strategy and New Business
Development. Lauckner was previously GM vice president of Global Product Planning. General Motors
Ventures, LLC, has been funded with an initial investment of $100 million, and is currently exploring
equity investments in a number of auto-related technologies and business models.
About Itochu Technology Ventures: Based in Tokyo, ITOCHU Technology Ventures (ITV) is the corporate
venture arm for ITOCHU Corporation. ITOCHU is one of the world's largest corporations with offices in
over 80 countries and operations that cover a broad spectrum of industries. ITV’s mission is to invest in
and help build leading information technology companies by leveraging a vast array of resources both
domestically and internationally throughout ITOCHU and its group companies. The ITOCHU group has a
long history of funding information technology companies with successes including Siebel Systems,
NVIDIA, Openwave and Aruba Networks.
About The Michigan Economic Development Corporation: The Michigan Economic Development
Corporation, a partnership between the state and local communities, promotes smart economic growth
by developing strategies and providing services to create and retain good jobs and a high quality of life.
For more information on the MEDC’s initiatives and programs, visit the Web site at www.TheMEDC.org.
About Beringea: Beringea is the largest venture capital firm in Michigan, with $400 million under
management and more than 60 portfolio companies in the U.S. and UK. Headquartered in Farmington
Hills, Mich., the firm has additional offices in London and Shanghai. Beringea has more than 20 years of
investing experience in a range of sectors, including health care, clean technology, advanced
manufacturing, media, Internet technologies and specialized consumer products. Among its many
initiatives, Beringea is co-manager of the $175 million InvestMichigan! Growth Capital Fund, which
provides venture and expansion-stage capital to emerging businesses headquartered or with substantial
operations in the state of Michigan. For more information, visit www.beringea.com or
www.investmichiganfund.com.
About Khosla Ventures: Khosla Ventures offers venture assistance, strategic advice and capital to
entrepreneurs. The firm helps entrepreneurs extend the potential of their ideas in breakthrough
scientific work in clean technology areas such as solar, battery, high efficiency engines, lighting, greener
materials like cement, glass and bio-refineries for energy and bioplastics, and other environmentally
friendly technologies as well as traditional venture areas like the Internet, computing, mobile and silicon
technology arenas. Vinod Khosla founded the firm in 2004 and was formerly a General Partner at Kleiner
Perkins and founder of Sun Microsystems. Khosla Ventures is based in Menlo Park, California. For more
information visit www.khoslaventures.com.
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