Tesla CEO Elon Musk announced in 2015 that an electric vehicle company will enter the energy business. Now it’s time to take off. The company said in its Q4 2020 earnings announcement that battery deployment increased by 83% in 2020, especially thanks to the popularity of Megapack, which stores energy for utilities.
Renewable energies such as solar and wind power require batteries for when the wind isn’t blowing or when the sun isn’t shining. Demand for these large storage systems is increasing as countries around the world set their goals for the transition to renewable energy. Grid-scale battery storage is expected to reach the $ 15 billion market by 2027, according to Grand View Research.
CNBC visited PG & E’s Tesla Megapack site in Moss Landing, California to learn why energy storage systems like Tesla are everywhere in the future of renewable energy. Watch a video of Tesla’s energy business.
Elon Musk and Tesla Quietly Expand Energy Storage Business
Source link Elon Musk and Tesla Quietly Expand Energy Storage Business