A 182.5-megawatt energy storage system in Northern California that was designed and constructed in a partnership between Tesla and Pacific Gas and Electric Company is now operational, the utility announced Monday.
By Andrew Evers, CNBC •
Updated 2 hours ago
Andrew Evers | CNBC
Tesla CEO Elon Musk announced in 2015 that the electric-vehicle company would be getting into the energy business. Now, it s starting to take off. On its Q4 2020 earnings call, the company said its battery deployments increased 83% in 2020, particularly thanks to the popularity of the Megapack, which stores energy for utilities.
Renewable energy such as solar and wind need battery storage for when the wind isn t blowing and the sun isn t shining. As nations around the world set goals to transition to renewables, demand for these large-scale storage systems is on the rise. Grid-scale battery storage is expected to become a $15 billion market by 2027, according to Grand View Research.