Ben Klayman, of Reuters reports that GM invests in solar energy systems maker, Sunlogics Inc, to install solar charging stations at GM plants and dealers, which will create 310 new solar jobs in North America. GM also committed to double solar power use at its plants by 2016," however, this is less impressive than it may sound, as GM is starting from a small number. Currently, it derives only 1.4% of its US consumption from renewable resources.
ROCHESTER HILLS, Mich., July 28 (Reuters) - A General Motors Co (GM.N) unit has invested $7.5 million and taken an undisclosed stake in Sunlogics Inc, helping the solar energy systems manufacturer to establish plants in Michigan and Canada and create 310 jobs at the small company.
GM Ventures said it also signed commercial agreements with Sunlogics for the installation of solar charging stations at Chevrolet dealerships and GM plants, as well as a power purchase deal to install large solar arrays at GM factories and buy the energy produced by the arrays.
"Most forecasts predict that global solar use will double over the next several years, much of that growth in North America and Asia," Jon Lauckner, president of GM Ventures, said at Sunlogics new headquarters here on Thursday. "Solar is a smart business decision because renewable energy brings cost efficiencies over time and is good for the environment."
In conjunction with the Sunlogics deal, GM said it has committed to doubling the use of solar power use at its plants globally to 60 megawatts -- the equivalent of powering 10,000 homes annually -- by the end of 2015. The U.S. automaker derives 1.4 percent of its U.S. energy consumption from renewable resources.
Announcing a deal that will create 310 new solar jobs in North America is not a big deal, given the size of the company, but given our economic circumstances, it's a step in the right direction.
It is not unusual for very large companies to make an investment in smaller, start-up companies to which they are giving large contracts, enabling the smaller company to make the investments to deliver on a larger scale.
In this case Sunlogics has developed a technology that for GM it will roll-out at The Chevrolet Volt "Green Zone," which will give "Chevy dealer ability to solar charge the electric car," under what I infer will be a branded canopy, as well as generate as much as a quarter of the dealer's energy needs.
So part of the motivation for GM appears to be marketing to enhance its positioning against competitors, especially Toyota.
Still, it is more good news for the rapidly growing solar industry.
11:53 AM PT: Thanks jsfox, and gchaucer2 for helping better focus the key point.
I feel a little odd using a DK headline to announce 310 new solar jobs but this illustrates a tremendous potential for stimulating jobs, economy, tax revenues, and reducing oil imports, CO2 emissions, and trade deficits.
Imagine what we could do with a big coordinated national stimulus program?
We need 20 million new jobs, and jobs for all of our overseas troops who we should be trying to bring home as fast as possible.
Imagine if instead of paying them to explode multi-million
Predator drones every day, we were investing this same exact amount of money installing solar panels on every available rooftop? Creating lots of immediate supply-chain jobs, and economic stimulus, as well as large economic multiplier effects.
Also, this burst of economic activity sending tax revenues to local, state, and federal government, enabling us to stop laying off teachers, firefighters, FDA, and EPA employees?
Hello! Kenseyianism is not dead, politicians just are not listening.