Tesla is all set to multiply Energy Storage business in 2018

Elon-Musk-Tesla-Battery

Tesla is accelerating the world’s transition to sustainable energy, offering the safest, quickest electric cars on the road and integrated energy solutions. CEO Elon Musk said that he envisions Tesla as a technology company and independent automaker, aimed at eventually offering electric cars at prices affordable to the average consumer.

Energy Storage is coming off as a market with huge potential. And, Tesla has successfully stepped in with numerous projects in the sector. While the media focus is understandably on the auto business, energy storage quietly represents a huge growth business for the company.

Tesla has already supplied the world’s largest battery in Australia. The Hornsdale Power Reserve at Jamestown is its much heralded 129 MW hour facility in South Australia.  Tesla is also building the world’s largest distributed power system there. Tesla did not state how much revenue the massive 129MWh South Australia project generated, stating, “substantial growth of our energy storage deployments and recognition of our large project in South Australia.”Energy Storage and Generation generated $410 million worth of revenue for the company. The numbers are representative of Tesla Energy’s organic growth since the company acquired SolarCity back in 2016.

Tesla stated in the quarterly letter,

“Electric utilities and power producers around the globe are increasingly appreciating the value proposition of our Powerpack storage systems based not only on economic benefits but also on the operational benefits of faster response time and greater reliability of the electric grid. In addition, we deployed a record number of residential Powerwall systems in Q1. In spite of the significant growth of Powerwall deliveries, our backlog in Q1 continued to grow.”

That giant battery in South Australia surprised people with its insanely fast response -an astonishing 140 milliseconds. That’s how long it took for it to start providing power to the grid when a nearby coal generating plant went offline unexpectedly. With such exceptional results Elon Musk has decided to take energy storage to the next level. Elon Musk stated,

“Tesla may have a gigawatt-scale deal announced in a matter of months.”

Tesla has plans to triple the energy storage business by the end of this year. In Q1, energy storage deployments grew 161% from Q4 2017 to 373 MWh. Tesla is in talks to provide a grid-scale battery to Queensland, Australia. It is also working with Consolidated Edison in New York, Xcel Energy in Colorado, and PG&E in California.

To keep in mind, Tesla is not a car company that also makes batteries, it is a battery company that also makes cars.

Source: Clean Technica

 

A group of tech enthusiasts who are tracking latest developments in CleanTech with special focus on Energy Storage and Electric Mobility

About Energy Log Staff

A group of tech enthusiasts who are tracking latest developments in CleanTech with special focus on Energy Storage and Electric Mobility

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