GM Energy is a ‘significant growth opportunity’ for the company

Earlier this week, General Motors (GM) announced its big foray into the energy business with GM Energy, providing services aimed at helping consumers and business customers manage energy charging and storage. For GM CEO Mary Barra, the suite of products creates an ecosystem that not only helps customers but also the US power grid.

“One of the things we want people to understand is not only that an electric vehicle is your means of transportation, how you get from point A to point B, but that it can also be a source of energy,” Barra said in an interview with YahooFinance. Managing Editor Andy Serwer. “And I think that’s going to be very important as we look at and really strengthen the network in whatever country we’re working in.”

“We have the battery technology to provide clean energy, energy storage and also complement the grid,” Barra said. “So we’re very excited about the Ultium technology-based business opportunity that we have.”

GM Energy will sell battery technology and power management systems through its newly created Ultium Home and Ultium Commercial suite of products and services, which will integrate with its existing Ultimium Charge 360 ​​charging network. On-site battery storage provided by Ultium Home and Ultium Commercial could allow customers to create “microgrids” that run off the main power grid and provide electricity to utilities during times of heavy load, while also offering customers more control over the load.

GM Energy Home Solution with SunPower (credit: GM)

Additionally, the upcoming Chevrolet Silverado EV pickup will be able to provide bi-directional charging, meaning it can send its own electrical power to home or business customers when needed, and charge from the grid or on-site batteries only when needed. so.

“We see this as a significant growth opportunity for the company,” Barra said. “When you look at it as another reason why people buy an electric vehicle, but also what we can do beyond the vehicle from an energy perspective.”

GM Energy is partnering with SunPower (SPRW), a solar technology and service provider, to develop and offer home energy systems that will potentially include in-home chargers, solar panels for additional energy capture, and in-home energy storage. home.

“Currently, the grid does not have enough capacity for all of the future electric vehicle sales we expect, and General Motors expects to sell more than a million electric vehicles in the next three years,” Peter Faricy, CEO of SunPower, told Yahoo. Finance about the company. opportunity with GM. “For practical purposes and obviously to combat climate change, more and more consumers are going to want solar power… And we’re delighted to be working with GM to serve their customers.”

Pras Subramanian is a reporter for Yahoo Finance. you can follow him on Twitter and in Instagram.

Read the latest financial and business news from Yahoo Finance

Download the Yahoo Finance app to Apple either Android

Follow Yahoo Finance on Twitter, Facebook, Instagram, flip board, LinkedInY Youtube

Leave a Comment