GM Kicks off New Energy Unit

General Motors (NYSE:GM) on Tuesday said that it is forming a new business unit to offer stationary battery packs, solar panels, electric vehicle chargers and other energy-management products for homes and businesses.

The new unit, called GM Energy, aims to build on the battery and software expertise that GM has amassed in recent years to develop a new line of electric vehicles that will, in time, replace its internal-combustion offerings.

GM Energy will offer products and services for what the company calls “energy management,” including hardware such as batteries and solar panels as well as hydrogen fuel cells and — importantly — cloud-based software that can link these offerings with electric vehicles and utility companies.

The products, some of which will be provided by partners, can be tailored for individual homeowners as well as businesses, including companies operating fleets of electric vehicles.

The commercial operations are already underway, while home energy systems will be available starting next year as the 2024 Chevrolet Silverado EV goes on sale.

The goal of GM Energy is twofold: assist the automaker in controlling the customer experience when they purchase a new EV, and create a sustainable business as GM attempts to double annual revenue to $280 billion by the end of this decade.

GM shares deferred 68 cents, or 2.1%, early Tuesday to $31.61.

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