GE Global Research released information Wednesday about a research collaboration with A123Systems, a Massachusetts-based lithium-ion battery manufacturer.
The joint research between the two companies supports development of batteries used in electric cars, such as the “TH!NK Ox” a five-seat crossover concept car manufactured by Norwegian electric car manufacturer Think. The TH!NK Ox was unveiled in Geneva, Switzerland, on Wednesday at the 78th International Motor Show.
GE Energy Financial Services, through its seven-member venture capital group based in Stamford, Conn., has invested $20 million into A123Systems and $4 million into Think’s holding company, Think Global, also based in Norway. According to GE officials, its venture capital group has invested nearly $100 million in 12 companies during the last 18 months as part of its effort to back electrification developments in the transportation sector.
GE Global Research’s senior vice president, Mark Little, said GE’s investments and research in clean energy products are part of General Electric Co.’s ecomaginationSM initiative to help its customers meet environmental challenges while expanding the company’s portfolio of products.