GM Energy Launches Home Storage Option for EV Owners

By David Shepardson

(Reuters) – General Motors (NYSE:GM) announced on Thursday that its GM Energy unit is introducing a home storage solution for electric vehicle owners that allows them to store and transfer solar energy. This initiative aims to attract potential EV buyers.

The automaker has unveiled the GM Energy PowerBank, available in 10.6 kilowatt-hours and 17.7 kWh battery options, and is expanding access to energy management products nationwide. This stationary storage product can power homes during outages or help mitigate higher electricity costs during peak demand periods.

Wade Sheffer, vice president of GM Energy, stated that this tool empowers customers to control their energy usage, addressing the challenges of power outages while integrating renewable energy solutions.

The system allows users to store and utilize captured solar energy, enabling power supply even without an electric vehicle connected. With two PowerBank units, owners can supply energy sufficient for an average U.S. home for up to 20 hours.

These energy storage systems are part of an automotive industry's strategy to persuade hesitant EV consumers to embrace electric vehicles. GM emphasizes its focus on the increasing unreliability of the energy grid.

In comparison, GM's competitor, Tesla (NASDAQ:TSLA), operates a successful energy storage division called Tesla Energy, which offers products like the Powerwall for home power backup and Megapack for large-scale commercial use.

According to Reuters, energy storage and generation represented 6% of Tesla's revenue in 2023, and in July, Morgan Stanley upgraded its valuation of Tesla's storage business.