Automotive manufacturer General Motors announced today that they are officially beginning their foray into the renewable energy sector with a new business unit. This unit, named GM Energy, will focus on the sale and distribution of renewable energy sources to businesses and consumers. This includes products like EV chargers, solar panels, and battery packs. Commercial sales of these products will begin in 2024.
GM is hoping that this new venture will help them in their goal to double their current overall income by 2030, as well as provide more bespoke service for customers who purchase a GM-branded EV. Additionally, GM Energy is planning to offer its batteries to local power grids in an effort to shore them up against environmental factors. Pacific Gas and Electric has already cut a deal with GM Energy to test out a new power system that can both power homes and send unused energy back to the grid.
“If you have a sudden unexpected power outage, then you can use your vehicle or your stationary storage box to be able to power your home or small business,” Travis Hester, vice president of GM’s EV growth operations, said in a statement.
General Motors is starting its own energy storage business using its Ultium battery packs to power homes and charge cars as well as to feed power back into the grid when needed https://t.co/HfmNzHpwBX
— CNN International (@cnni) October 11, 2022
GM Energy has teamed up with a variety of partners to provide these products and services, which could turn the unit into a compelling rival for Tesla, which has maintained dominance over the EV scene for several years now.
“It was really important to us that when we launched this that it was not a plan for the future, but actually something we’re doing right now,” Hester said. “The business fundamentals behind this are very solid.”
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