Tesla CEO Elon Musk introduced in 2015 that the electric-vehicle firm could be moving into the energy business. Now, it is beginning to take off. On its This fall 2020 earnings name, the corporate mentioned its battery deployments elevated 83% in 2020, significantly due to the recognition of the Megapack, which shops energy for utilities.
Renewable energy comparable to photo voltaic and wind want battery storage for when the wind is not blowing and the solar is not shining. As nations around the globe set targets to transition to renewables, demand for these large-scale storage programs is on the rise. Grid-scale battery storage is anticipated to grow to be a $15 billion market by 2027, in accordance with Grand View Research.
CNBC visited PG&E’s Tesla Megapack web site in Moss Landing, California, and discovered why energy storage programs like Tesla’s could possibly be in all places in a way forward for renewable energy. Watch the video for a glance inside Tesla’s energy business.