US-based car maker General Motors’ corporate venturing unit has invested $5m in Powermat, an Israel-based company making wireless charging pads for mobile devices, and its first deal outside of America.
As part of its investment, GM Ventures has agreed exclusivity on the use of Powermat products in its cars for the first year and is expected to have them in its electric Chevrolet Volt vehicle by next year.
The deal is GM Ventures’ third since setting up a $100m fund in June, although the unit also manages two prior deals struck by the US car maker in 2008.
GM is also examining whether a wireless mat would allow electric vehicles, such as the Volt, to charge up once they park over it, GM Ventures president Jon Lauckner told news provider AutoWeek.
Venture capital firm Navitas Capital, which raised its first fund in 2009 including contractor Webcor Builders as a limited partner, has Powermat as one of its clean-tech portfolio companies.