Market Overview

Southern Co, Tesla Reach Battery Testing Agreement

Southern Co, Tesla Reach Battery Testing Agreement
Related TSLA
The Tesla Semi: Citigroup's First Impression
Analyst: WABCO Could Get A Boost From Tesla's Semi
Why Tesla's Semi Will Almost Certainly Be Shelved (Seeking Alpha)
Related SO
Earnings Scheduled For November 1, 2017
Benzinga's Top Upgrades, Downgrades For September 29, 2017
The Top 5 Utility Dividend Stocks For 2018 (Seeking Alpha)

The Atlanta-based electric utility Southern Co (NYSE: SO) will test commercial-scale battery storage in an agreement with Tesla Motors Inc (NASDAQ: TSLA).

Southern disclosed the agreement at its annual meeting where the company sought to defeat a shareholder proposal to adopt goals for reducing greenhouse gas emissions.

Establishing such a goal would be a poor use of resources "given the ongoing reporting and significant policy engagement by the company in this area," Southern said in its proxy statement.

A vote tally on the proposal wasn't immediately issued via press release.

Related Link: Tesla 'Winning' Battle Versus States In Direct Selling

Under the Tesla agreement, Southern will "examine potential applications for the energy storage technology in helping meet customers' energy needs."

A headache developed for Southern on May 20 when South Mississippi Electric said it would pull out of a plan to acquire 15 percent of a $6.2 billion coal-fired plant under construction and being spearheaded by Southern.

A Southern representative told The Wall Street Journal that the company is "evaluating its alternatives" for the plant.

South Mississippi, a cooperative, cited delays in project schedule, changing needs, and increased participation costs as reasons for withdrawal from the project.

Tesla shares were nearly unchanged recently at $247.49; Southern traded at $43.63, up $0.33 cents.

Posted-In: Southern Co Tesla Tesla BatteriesNews Contracts Tech Best of Benzinga


Related Articles (SO + TSLA)

View Comments and Join the Discussion!

Partner Center