10 years does sound familiar.
A university researcher I know sold his advanced battery technology he developed to GM for 3 million dollars. It was supposed to triple capacity of storage batteries above the best lead/acid technology, and be rechargeable in a fraction of the time required for anything on the market. The batteries were also lighter in weight than current available batteries.
It was going to revolutionize the battery industry and make electric cars cheaper than gasoline powered cars. Gm said they would have consumer versions available in about 10 years. This was in 1982.
At least the check cleared the bank.
IIRC when GM had the electric car in the early 90s they bought a battery company and subsequently sold it to Mobil oil. This just after they cancelled all of the car leases and picked up the cars.