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Gold Price Drops to Eight-Month Low as Fed Rate Hike Bets Weigh on Bullion. Source: Photo by Michael Steinberg via Pexels 
General Motors announced the launch of its new business, which it named GM Energy. The company created the new unit with the aim of connecting homes and businesses to EV chargers and energy storage.
General Motors confirmed on Tuesday, Oct. 11, that it has formed a new business division to provide solar panels, electric vehicle chargers, stationary battery packs, and other energy-management devices designed for businesses and homes.
As per CNBC, GM Energy will build on General Motors’ battery and software expertise that it has acquired in recent years while developing a new breed of EVs that are expected to replace gas-fueled vehicles at one point.
GM’s new energy division will start offering products and services for total energy management. This includes batteries, solar panels, hydrogen fuel cells, and cloud-based software that will allow users to link the products with electric vehicles and utility firms.
It was revealed that the company’s partners would be providing some of the products. The items are customizable and can be specially made for particular homeowners and companies. General Motors said that GM Energy’s commercial operations are already ongoing, while the home energy systems are coming a bit later and will be available starting next year.
At any rate, GM Energy has two main goals, and these are: to help General Motors in managing the customer experience after buying their new electric vehicle and to establish a sustainable business as GM tries to increase its annual revenue to double by the end of this decade.
"The reliability of the U.S. electrical power grid has never been more important," General Motors’ EV growth operations’ vice president, Travis Hester, said in a press release. "GM Energy has the opportunity to help deliver sustainable energy products and services that can help mitigate the effect of power outages and provide customers with resilient and cost-effective energy management."
GM’s vice president and head of V2X battery solutions, Mark Bole, added, "The massive scale of GM Energy's solutions will allow us to better address current challenges with grid infrastructure, energy storage and energy management head on.”
