General Motors is launching a new business unit called GM Energy which will offer power-storage products and services for homes and businesses. The move marks an expansion beyond cars for GM, which has been investing heavily in developing and growing its electric vehicles business. More: - The products and services fall under what GM calls "energy management" and include hydrogen fuel cells and cloud-based software that can link these offerings with EVs and utility companies.
- GM Energy will also offer stationary battery packs, solar panels, electric vehicle chargers, and other energy-management products for homes and businesses.
- GM said some of the products and services for businesses are already underway, and its home energy offerings will be available next year with the launch of its 2024 Chevrolet Silverado EV.
- GM is not the first automaker to parlay its EV expertise and technology into other products for homes and businesses.
- Tesla has been offering various power-generating and storage solutions for years.
- Ford is also planning on offering similar solutions.
- GM aims to double its annual revenue to $280B by 2030.
- GM shares closed at $32.20 on Wednesday, up less than 1% for the day.
- The company is down nearly 50% YTD.
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Private jet company Flexjet is planning to go public via a SPAC merger with Horizon Acquisition Corporation II. Flexjet is based in Cleveland, Ohio, and is projected to generate $2.3B in revenue this year as demand for private flights increase amid shortages and interruptions in the commercial aviation sector. More: - The SPAC deal is led by Todd Boehly, who recently acquired the Chelsea football club and is part owner of the Los Angeles Dodgers baseball club.
- Flexjet plans to list on the NYSE.
- Flexjet offers users fractional ownership of aircraft and jet cards, which is a pre-paid balance of flight hours.
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PepsiCo released its Q3 earnings on Wednesday, beating analysts’ expectations for revenue and profits. The food and beverage giant reported $21.97B in revenue, up 8.8% YoY. Net income came in at 2.7B, or $1.95 a year, up ~23% YoY. More: - PepsiCo reported volume declines in some of its business units, including its Frito-Lay North America division and Quaker Foods North America.
- The company raised its full-year guidance for organic revenue from 10% previously stated to now expected 12% growth.
- During the quarter, PepsiCo acquired a $550M stake in energy drink maker Celsius Holdings and launched its caffeinated Gatorade option – Fast Twitch.
- Last week, PepsiCo confirmed it would start taking delivery of Tesla’s Semi trucks in December.
- PepsiCo reserved 100 electric Semi trucks in 2017, aiming to cut fuel costs and carbon emissions.
- PepsiCo shares closed at $169.39, up ~4% for the day.
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Brookfield Renewable Partners and Uranium miner Cameco are partnering to buy U.S. nuclear power company Westinghouse Electric for $7.9B. Toronto-based Brookfield is one of the world’s largest clean energy investors, and Cameco is one of the world’s largest suppliers of uranium fuel. More: - Westinghouse Electric makes the technology in roughly 50% of the world’s 440 nuclear reactors.
- Brookfield will buy 51% of Westinghouse for $2.3B, and Cameco will purchase the remaining 49% for $2.2B.
- Cameco is selling $650M of its shares to finance the deal.
- Including Westinghouse’s existing $3.4B debt, the total purchase price is $7.9B.
- According to the International Energy Agency (IEA), nuclear generation needs to double by 2050 to hit net zero climate goals.
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Microsoft launched its Canva competitor, Designer, a graphic design app that will be available for free as part of the company’s Office productivity suite of software. Earlier this year, Microsoft raised the prices of some of its product bundles aimed at businesses. The tech giant has been adding new features and capabilities to its various offerings. More: - Canva is an Australian graphic design company founded in 2012.
- The firm is still privately held and was last valued at $40B post-money.
- Canva has expanded its offering to include video editing and documents.
- Canva has over 100 million monthly active users.
- Microsoft has a waitlist people can join to preview its new Designer platform.
- Microsoft said it would maintain a free tier for Designer and offer a premium version as a bundle with its other paid products.
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The Bank of England purchased a record £4.4B ($4.9B) of long-term conventional gilts during its reverse auction on Wednesday. It marked the largest volume of gilts purchased at any daily reverse auction since the program started on Sept. 28. More: - The central bank announced the program would end on Friday.
- The U.K.’s 30-year borrowing costs jumped as high as 5.1% on Wednesday before coming down to 4.8%.
- In response to current market conditions, the London Stock Exchange said it let market makers quote a wider-than-usual spread in prices on gilts starting Thursday.
- BoE’s chief economist, Huw Pill, said the central bank remains focused on fighting inflation.
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- Truth Social, the social media app of former President Donald Trump, has been added to Google’s Play Store. Shares of SPAC Digital World Acquisition Corp. jumped more than 5% following the news.
- Delta Airlines has acquired a 2% stake in air-taxi company Joby for $60M. The airline said its investment could reach up to $200M if the company reached certain milestones.
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 |  | Vanessa Omeokachie is a Writer for Inside.com. She writes the Inside Business newsletter. Her interests include finance, technology, and entrepreneurship. In her free time, she enjoys reading, hiking, attending concerts and music festivals, exploring cities, and traveling. Connect with her on Twitter @VanessaOmeo or on LinkedIn. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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