DETROIT (AP) -- The investment arm of General Motors Co. is sinking an undisclosed amount of money into a Providence, R.I., company that is developing high-strength steel lighter than current steel.
GM said Monday it invested in The NanoSteel Co. because NanoSteel has promising technologies that could help the automaker comply with stronger federal fuel-economy standards. The government is gradually increasing gas-mileage requirements so that by 2025, cars and trucks will have to average 54.5 mpg.
NanoSteel said Monday that its metal isn't being used in the automotive industry yet, but sheets of steel are currently in production trials. The company says its steel can save hundreds of pounds per vehicle.
Neither company would say how much money GM invested in the 10-year-old NanoSteel.