Tesla Motors Inc (NASDAQ:TSLA) has introduced storage batteries for the electric grid and the homes.
The company is betting big on its new launches aiming multi-billion dollar business in the days to come.
Tesla is busy with hiring talent for the storage business. It is conveying the message “Tesla will be a multi-billion business in the near term” during the recruitment process to the candidates.
Huge Investments for the Storage Industry Worldwide
The market for storage business is growing at a fast pace. The energy storage industry is likely to attract worldwide investments worth $5.1 billion annually by the year 2020, an increase of 17 times from 2013.
The market value for Tesla stock has increased to around $6 billion since its tweet on March 30 about the battery business.
According to a report of the Deutsche Bank, the availability of cost-effective batteries will increase solar penetration. The bank is optimistic that the industry will start commissioning the storage batteries in the coming five years.
Competitors of Tesla
Tesla is likely face competition in the storage energy business from nations like South Korea, Japan, China and others.
Important facts about Tesla Powerwall:-
The company showcased its first impression about the stackable storage battery systems for the business, homes and the electric grid at the Powerwall event.
The home version of the storage battery is called Powerwall. The users can stack the cost effective batteries sideways. The 10 KWh version of the battery is reasonably priced at $3,500. The price is exclusive of installation and inverter charges. This new battery pack will allow the home owners to run the home appliances in case of a power outage for a few days.
It is a boon for the customers, who want to embrace solar power.
According to Elon Musk, Tesla Motors Inc (NASDAQ:TSLA), the new battery pack will be just plug and play version. It can be installed in a garage or alternately on a wall.
A utility has already approached the company for the establishment of 250 MWh. The company’s non-utility customers are Amazon.com, Inc. (NASDAQ:AMZN), Wal-Mart Stores, Inc. (NYSE:WMT) and Target Corporation (NYSE:TGT).