GM Unit Launches Home Battery PowerBank To Rival Tesla's Powerwall

U.S. automaker General Motors (NYSE:GM) subsidiary GM Energy on Thursday launched an energy storage product called the PowerBank to rival EV giant Tesla Inc.’s (NASDAQ:TSLA) Powerwall product.

What Happened: The GM Energy PowerBank is a stationary storage product that allows users the ability to store and transfer energy from the grid or solar panel system to provide power when there is an outage.

It comes in two variants with 10.6 kWh and 17.7 kWh battery capacity. On combining two PowerBanks with 17.7 kWh battery capacity, customers can power an average American home for about 20 hours, the company said.

Why It Matters: The GM Energy Storage Bundle is estimated at about $11,000, not including installation or taxes, according to the company’s website. It includes the GM Energy PowerBank and GM Energy Home Hub & Inverter.

The PowerBank is a seeming rival to Tesla’s Powerwall. Powerwall, like PowerBank, is a compact home battery that stores energy generated by solar or from the grid.

The Powerwall 3, meanwhile, has an energy capacity of 13.5 kWh and is priced at $16,702 in California, including gateway, accessories, installation, and taxes.

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Photo courtesy: General Motors