GM enters domestic and commercial energy storage and management market

General Motors is moving beyond car manufacturing, with plans to offer energy storage and management services to residential and commercial customers through its new GM Energy unit, a move that puts it in even greater competition with Tesla.

GM Energy will bundle the Ultium Charge 360 ​​charging service with two new units, Ultium Home and Ultium Commercial, which will offer storage stationary batteries in addition to solar panels and hydrogen fuel cells, the company said Tuesday.

“We’re stepping into the entire energy management ecosystem,” GM executive Travis Hester said in an interview.

“Our competition in this market is really only with Tesla, which is strong in energy management,” added Hester, who leads growth operations.

Tesla’s seven-year power generation and storage business, which includes solar panels and stationary batteries, lost $129 million last year on revenue of $2.8 billion.

Hester said GM sees a potential market of $120 billion to $150 billion in energy storage and management. He declined to provide a revenue projection for GM Energy.

The Ultium Home service will offer fixed wall-mounted energy storage boxes, similar to Tesla’s Powerwall units, with sales and installation scheduled to begin in late 2023, alongside the launch of the first electric Chevrolet Silverado trucks for private customers.

GM’s commercial service will offer similar capacity to companies through larger stationary storage units as well as microgrids connected to hydrogen fuel cells developed by the automaker. Companies will be able to sell energy back to utilities during peak energy consumption periods.

GM will partner with SunPower to provide customers with solar panels to increase power generation.

Source: CNN Brasil

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