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

Earlier this week General Motors (GM) announced its largest initiative in the energy industry with GM Energy, providing services designed to help consumers and commercial customers manage charging and energy storage. For GM CEO Mary Barra, the suite of products creates an ecosystem that not only benefits consumers but also America’s electric grid.

“One of the things we want people to understand is that an electric car is not only a means of transportation, a way to get you from point A to point B, but it can be a source of energy,” Barra said in an interview with Yahoo Finance. Editor-in-Chief Andy Serwer. “And I think that’s going to be very important as we look at and strengthen the grid in any country that we operate in.”

“We have the battery technology to provide clean energy, energy storage, and supplement the grid,” he said, whose interview will be presented at Yahoo Finance’s All Markets Summit on Oct. 17. “So we are very excited about the business opportunity based on the Ultium technology that we have.”

GM Energy will sell battery technology and energy management systems through the new Ultium Home and Ultium Commercial suite of products and services, which will integrate with the Ultium Charge 360 ​​network. On-site battery storage offered by Ultium Home and Ultium Commercial can allow customers to create “microgrids” that operate off the main power grid and provide electricity to utilities during peak load times, while giving customers more control over charging.

GM Energy Home Solution by SunPower (credit: GM)

GM Energy Home Solution by SunPower (credit: GM)

In addition, the upcoming Chevrolet Silverado EV pickup will be able to provide dual charging, meaning it can send its electricity to customers at home or business when needed, and charge from the grid or on-site batteries only when it needs to. as for.

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

GM Energy is partnering with SunPower (SPRW), a solar technology and services provider, to develop and provide home energy systems that can include home chargers, solar panels for additional power, and home energy storage.

“The grid today does not have enough capacity for all the EV sales we expect, and General Motors expects to sell more than one million electric vehicles in the next three years,” SunPower CEO Peter Faricy told Yahoo Finance about the company. opportunity with the GM. “For practical purposes and obviously to fight climate change, more and more customers will want solar energy.. And we are happy to work with GM to serve their customers.”

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

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