Why everyone’s an energy company now
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Automakers like GM and Ford are entering the stationary energy storage market as EV sales stagnate while demand for large batteries surges, driven by AI data center expansion and broad electrification trends. GM is betting on sodium-ion battery chemistry for its energy storage play, citing cheap and abundant materials, supply chain resilience away from Chinese dominance, and superior cycle life compared to lithium-ion. Tesla currently dominates with 82% of the 57 GWh installed last year, earning ~30% gross margins versus GM's historical 11%. GM is deliberately not repurposing its lithium-ion gigafactory capacity, preserving it for a potential EV rebound and a new lithium-manganese-rich chemistry debuting in 2028. Startups like Base Power and Lunar Energy are also raising large rounds to capture the growing market.
