SunPower and General Motors to Power Homes of the Future with Electric Vehicles

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Oct 12, 2022, 07:00 ET

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

SOURCE SunPower Corp.