General Motors (NYSE: GM) is entering the energy storage space. The massive automotive firm this morning formally announced it intends to give Tesla (NASDAQ: TSLA) a run for its money by launching a division focused on providing stationary battery packs, solar panels, EV chargers, and other energy management products.
Referred to as GM Energy, the new business unit will focus its branding under the Ultium banner, similar to its current lineup of electric vehicles which feature Ultium batteries. The new products are intended to create a “holistic ecosystem” of energy management product offerings.
“Our competition in this space on the (automaker) side is really only Tesla, which is a strong energy management company. There are a lot of analogies you can draw with Tesla,” said Travis Hester, an executive at GM.
The unit is said to offer products for both residential and commercial applications, with offerings to include vehicle to home and vehicle to grid applications, alongside stationary storage and solar products. The unit is said to have three divisions, referred to as Ultium Home, Ultium Commercial, and Ultium Charge 360.
Offerings are also planned to be made available for hydrogen applications and microgrid solutions. The management tools behind the products will also allow electricity to flow back to the grid during periods of high demand, enabling consumers to potentially earn money from the sale of such power, while opening up a potential revenue stream for GM as well.
Products under the GM Energy banner are set to be released in late 2023, which is targeted to coincide with the launch of Chevrolet Silverado EV pickups.
GM last traded at $32.29 on the NYSE.
Information for this briefing was found via General Motors, Reuters and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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