GM debuts Tesla Powerwall competitor
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The GM Energy PowerBank battery-powered energy storage system. Photo: GM
General Motors is launching a battery-powered home-energy storage system, placing the company in direct competition with Tesla.
Why it matters: Stationary power storage can serve as an alternative to home generators and can provide a charge to electric vehicles when the electricity is out.
Driving the news: The GM Energy PowerBank goes on sale today in multiple sizes.
- The PowerBank comes in 10.6 kilowatt-hour and 17.7 kWh options. Customers can pair two of the larger units to power the average U.S. home for up to 20 hours.
- The company is also launching a kit that enables GM electric vehicle owners to power their homes and a system capable of converting solar power into electricity stored in the PowerBank.
What they're saying: "We believe we have the most comprehensive charging energy solution on the market today," Wade Sheffer, vice president of GM Energy, tells Axios.
State of play: The PowerBank starts at $10,999 for the 10.6 kWh version, including the power inversion system and reverse EV charging.
- The product will compete directly with the Tesla PowerWall, which has 13.5 kilowatt-hours of storage capacity and sells for $14,858.
- Both products are generally eligible for tax incentives.
The big question: Will GM target industrial or utility use, which has powered much of Tesla's energy storage business?
- Sheffer said the company's initial focus is on residential customers but that the company would explore opportunities to sell to industrial and utility customers.
- Industrial sales helped propel Tesla's energy storage and generation revenue to double in the second quarter, compared with a year earlier.
The intrigue: The announcement comes the same day Tesla is poised to reveal its much-anticipated robotaxi.
- Sheffer said GM is making the announcement Thursday because the product — which will be manufactured by a supplier — is ready to hit the market.
