The partnership agreement, which is expected to be formalized later this year, follows the signing of a memorandum of understanding between the two companies in July.
Upon completion of the agreements and other terms, General Motors Ventures would hold a minority stake in Bright Automotive and Bright would have access to GM technologies, and engine and transmission systems, for its vehicle.
Idea, which has been developed by Bright to serve as a multi-purpose vehicle for business fleets, operates in electric mode for 40 miles before switching to an estimated 36mpg hybrid mode for 100+ mpg potential based on daily driving behavior.
Bright plans to leverage the funding from GM Ventures to begin ramping up the development of the production program for the Idea in the third quarter of 2010.
Reuben Munger, chairman and CEO of Bright Automotive, said: “This relationship is an important step forward for Bright, and a strong endorsement of our highly experienced automotive team and our incredible vehicle.
“With this deal, Bright gets financial support that puts us on the fast track toward mass production of the Idea. And perhaps just as importantly, we gain a strategic partner that is a world leader in electrification.”
