Collaboration enables bi-directional charging
starting with the retail launch of the 2024 Chevrolet Silverado EV,
helping homeowners take more control of their energy needs
SunPower named GM's exclusive solar provider
and a preferred EV charger installer
RICHMOND, Calif., Oct. 12,
2022 /PRNewswire/ -- Today, SunPower Corp.
(NASDAQ:SPWR), a leading residential solar technology and energy
services provider, and General Motors (NYSE: GM) announced a
collaboration to develop a new home energy system that will
enable GM electric vehicles to provide backup energy to a home when
properly equipped. GM also named SunPower as a preferred EV charger
installation provider and its exclusive solar provider. The
collaboration will bring together SunPower's home energy expertise
and installation capabilities with GM's leadership in EV and
battery technology to help provide customers with more resilient,
sustainable and cost-effective energy.
The home energy system and installation services are slated to
be available alongside the retail launch of the 2024 Chevrolet
Silverado EV, expected Fall 2023. With bi-directional charging
capabilities, the Silverado EV paired with a home energy system is
expected to provide enough electricity to provide whole home
backup1 during a grid outage.
"We are proud to work alongside GM, a stalwart in American
innovation, to seamlessly connect home energy and electric
vehicles. This is a vital next step toward making an all-electric
lifestyle easy and even more beneficial," said Peter Faricy, SunPower CEO. "Through this
collaboration, we are making it easy for EV drivers to power their
vehicles with clean energy and providing new ways to offer energy
resiliency and peace-of-mind."
Once available, Chevrolet Silverado EV customers will be able to
have their home energy system installed at the same time as their
Silverado EV charger to enable vehicle-to-home (V2H) power or
choose to do so at a later date. For interested customers, SunPower
and GM will assess the home's electrical system for compatibility
with bi-directional charging. Customers can also choose to purchase
a SunPower® solar system for their home.
An EV customer with solar can charge their vehicle with energy
generated from their rooftop system, which is cleaner and often
less expensive than charging from the grid. Customers with a home
energy system, compatible EV and properly equipped home are also
expected to be able to store solar-generated electricity in their
vehicle's battery and export it directly into their home during the
hours when electricity costs the most. This provides an opportunity
for them to save even more money on electricity bills depending on
home size, energy usage and utility rates.
"The collaboration with SunPower is a shining example of how GM
is working with industry leaders to accelerate our all-electric
future and unlock greater value potential for GM Energy customers,"
said Travis Hester, vice president
of GM's EV Growth Operations. "Leveraging the combined expertise of
our two companies, we are working collaboratively to develop great
products, services and solutions, and to provide customers with the
tools to help access and manage their home energy
applications."
Additional information about the collaboration and product
availability will be shared in future updates. To learn more,
visit: https://go.sunpower.com/partner/general-motors
About SunPower
SunPower (NASDAQ:SPWR) is a leading solar, storage and energy
services provider in North
America. SunPower offers the only solar + storage solution
designed and warranted by one company that gives customers control
over electricity consumption and resiliency during power outages
while providing cost savings to homeowners. For more information,
visit www.sunpower.com.
About General Motors
General Motors (NYSE: GM) is a global company focused on
advancing an all-electric future that is inclusive and accessible
to all. At the heart of this strategy is the Ultium battery
platform, which powers everything from mass-market to
high-performance vehicles. General Motors, its subsidiaries and its
joint venture entities sell vehicles under the Chevrolet, Buick,
GMC, Cadillac, Baojun and Wuling brands. More information on the
company and its subsidiaries, including OnStar, a global leader in
vehicle safety and security services, can be found at
https://www.gm.com.
Forward-Looking
Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, including, but not limited to, statements regarding expected
project plans, product performance, and cost savings. These
forward-looking statements are based on our current assumptions,
expectations, and beliefs and involve substantial risks and
uncertainties that may cause results to materially differ from
those expressed or implied by these forward-looking statements.
Factors that could cause or contribute to such differences include,
but are not limited to, regulatory changes and the availability of
economic incentives promoting use of solar energy, electricity
storage or electric transportation, changes in product release
dates and the availability of products in sufficient quantities to
fulfill demand, and fluctuations or declines in the performance of
our solar panels and other products and solutions. A detailed
discussion of these factors and other risks that affect our
business is included in filings we make with the Securities and
Exchange Commission (SEC) from time to time, including our most
recent reports on Form 10-K and Form 10-Q, particularly under the
heading "Risk Factors." Copies of these filings are available
online from the SEC or on the SEC Filings section of our Investor
Relations website at investors.sunpowercorp.com. All
forward-looking statements in this press release are based on
information currently available to us, and we assume no obligation
to update these forward-looking statements in light of new
information or future events.
1 Whole home backup claim based on typical use of
electrical appliances as provided by the Silicon Valley Power
Appliance Energy Use Chart. Customer experience will vary based on
location and actual usage. SunPower does not warrant or guarantee
this performance and some appliances may not be compatible
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SOURCE SunPower Corp.