GM invests in EV start-up Bright Automotive

General Motors has invested in electric vehicle company Bright Automotive, marking the first investment by the auto giant’s venture-capital arm.

The companies said Tuesday that the investment by recently created GM Ventures for an undisclosed amount will give GM a minority stake in Anderson, Ind.-based Bright and accelerate Bright’s plans to manufacture a plug-in hybrid van that can get up to 100 miles per gallon.

Bright designed the hybrid gas-electric utility van, called the Idea, specifically for fleet vehicle operators. The company was spun out of the Rocky Mountain Institute think tank and co-founded by John Waters, Bright’s vice chairman and who worked for GM in the 1990s to help produce its EV1 electric car.

[Source & read more: CNET News]