Tesla Motors Inc (NASDAQ:TSLA) will be selling mega batteries for homes and electric utilities companies. Tesla’s CEO Elon Musk had mentioned the possibility during an earnings call last year and the plan was confirmed in an investor letter revealed recently.
The announcement for a home battery will be made on April 30 according to an email sent to investors and analysts. The mail was sent by Jeffrey Evanson, Tesla’s head of investor relations who also stated that the advantages of Tesla’s products will be explained in the announcement.
Elon Musk had earlier Tweeted in March that that company would be unveiling a major product that was not a car. The auto manufacturer is using lithium ion battery technology. The move is seen as tesla’s bid to be the frontrunner for the energy storage market. This emerging new market may supplement or even threaten the traditional electric grid.
It is not known how the batteries will work, however what is known is that the batteries will be sold in pairs and will help store and conserve energy.
Governments across the world are looking for alternative energy sources sue to dry out of fossil fuels and concerns about global warming. Tesla Motors Inc (NASDAQ:TSLA), therefore, hopes to tap into the market for renewable energy. These batteries can be used by customers to store energy using solar panels and using the energy when required. The batteries could also be used to store energy from the grid and then cut off for a few days.
As far as workplace utility battery is concerned, all we know is that it would be large. It is also not known whether the utility vehicles are for Small and medium enterprises or larger scale businesses.
The technology used is not new, however with the entry of Tesla into the home batteries market things could change very fast as batteries become more feasible and affordable.
