HOUSTON—General Electric Co., which has struggled in the growing business of large-scale electricity storage, is trying again with a new battery platform as it tries to catch up to rivals such as Tesla Inc. and Siemens AG.

The giant platform called GE Reservoir is expected to store electricity generated by wind turbines and solar panels for later use. The battery-storage market is expected to grow in coming years as some utilities look for less-expensive alternatives to the power plants that fire up during peak hours to meet...