GM - GM announces a 'significant' partnership with PG&E

General Motors Company ( NYSE: GM ) has partnered with Pacific Gas and Electric Co ( NYSE: PCG ) on a pilot programme aimed at developing electric vehicles with a unique ability to power a house in case of grid failure, confirmed a press release on Tuesday.

Another benefit of owning an electric vehicle

According to CEO Marry Barra of General Motors, the announced collaboration is “significant” as it adds to the many benefits of owning an EV. On CNBC’s “Squawk Box”, she added:

We’ll be testing and piloting this summer and hope to have customers by the end of the year do bidirectional charging when there’s a power outage or there’s additional demand to help supply energy that everybody needs to live their lives.

Last month, Morgan Stanley downgraded GM to “equal-weight” after mixed Q4 results.

The programme will pilot in California

PG&E chief executive Patti Poppe also agrees that the pilot programme could help accelerate the switch to EVs . During the same interview, she noted:

The grid needs the electric vehicles. In PG&E service area, we have 6,600 megawatts of capacity of electric vehicles on the road that today just draw from the grid. The partnership with GM enables those cars to be an additional source. It’s actually many power plants driving all over the state.

The programme will pilot in California.

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