GM Looks to Parlay Battery Work Into New Energy Business : stocks

General Motors Co. [US:GM] is starting an energy business to sell power-storage units and services to homeowners and commercial clients, an offshoot of the auto maker’s battery-development work for electric vehicles.

GM said the new division, called GM Energy, will help customers transfer electricity from an EV or battery-storage box to a home or building, as a way to protect against power outages and transfer electricity to the grid during off-peak times.

For instance, for customers who have bought EVs, GM will offer a special charger to enable the vehicle to power the home during an outage. It will also sell large, stand-alone batteries to commercial customers to store and manage power.

Travis Hester, head of GM’s EV growth initiatives, said the company sees a chance to generate revenue from its investment in battery technology beyond the sale of EVs. He declined to offer a revenue target but said executives may outline goals to investors at some point.

GM Looks to Parlay Battery Work Into New Energy Business https://www.wsj.com/articles/gm-looks-to-parlay-battery-work-into-new-energy-business-11665458446