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    Innovation Village | Technology, Product Reviews, Business
    You are at:Home»Clean Energy»Tesla Is Quietly Expanding Its Energy Storage Business

    Tesla Is Quietly Expanding Its Energy Storage Business

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    By Smart Megwai on May 31, 2021 Clean Energy, Energy, Green Energy, Solar Power

    In 2015, Elon Musk made an announcement that his electric-vehicle company, Tesla, would be  entering into the energy business. It appears the company is getting set to take off. 

    A news reporter at CNBC quoted the company’s quarter 2020 earnings call, saying its battery deployments increased 83% in 2020, particularly thanks to the popularity of the Megapack, which stores energy for utilities.

    While citing Grand View’s Research, the reporter mentioned that the demand for large-scale solar and wind need battery storage systems are on the rise. “Grid-scale battery storage is expected to become a $15 billion market by 2027.” 

    CNBC visited PG&E’s Tesla Megapack site in Moss Landing, California, and learned why energy storage systems like Tesla’s could be everywhere in a future of renewable power. Watch the video for a look inside Tesla’s energy business.

    Tesla’s report on its latest earnings, and the results are both proof that the CEO’s stake on energy storage and solar will grow the company’s revenue.

    Techcrunch reported, “The storage business was the star of the company’s power plays in the fourth quarter, with quarterly year-on-year growth approaching 200%. As the company said in its presentation to shareholders, “[energy] deployments grew substantially from 2019 to 2020. For the first time, our total battery deployments surpassed 3 GWh in a single year, which is an 83% increase compared to the prior year.”

    Solar deployments also had their day in the sun. For the year, solar energy installations increased to 205 MW, an 18% increase over the prior year. “This growth is the result of meaningful improvements to our solar retrofit strategy, including product simplification, cost reduction and industry-leading pricing.

    The company’s revenue from the energy generation and storage business came in at $752 million for the Q4, increasing from $436 million in the year-ago period, and up $579 million from the Q3.

    This is likely only the beginning of the surge that is coming for Tesla’s power business. The company has long stated that it wants to be one of the world’s largest power or utility companies, and global capital is marshaling resources to encourage the shift to renewables.

    Tesla could be a huge beneficiary from the Biden administration’s renewable plans through their goals to dramatically boost solar development and buildings. The big infrastructure spend will require big batteries to store renewable power. It will also require massive solar installations.

    And even as the federal government makes money moves to renewables, private capital is coming in to boost solar installations and energy storage dramatically.

    Over the last week alone, investors have pumped nearly $2 billion into companies that lend money to homeowners for solar installations and energy efficiency upgrades. One company, founded by a former SolarCity executive, announced that it had raised $800 million in capital just today.

    At least some of that money will have cash registers ringing for Tesla’s energy storage and solar installation business.

    Renewable investment wave continues as solar lending company Loanpal raises $800 million. 

    Related

    CEO Elon Musk Renewable Energy Tesla Energy
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    Smart Megwai
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    Smart is a technology journalist covering innovation, digital culture, and the business of emerging tech. His reporting for Innovation Village explores how technology shapes everyday life in Africa and beyond.

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