Apple Inc AAPL will be using battery packs from Tesla Inc TSLA at its California Solar Project, The Verge reported on Wednesday.
What Happened: Apple earlier in the day announced details related to the under-construction California Solar Project capable of storing 240 megawatt-hours of energy, enough to power over 7,000 homes for a day. The set-up will have 85 Tesla lithium-ion “megapacks” to help power the company’s corporate headquarters in Cupertino, according to the Verge report.
The report says Monterey County’s planning chief confirmed the development while Apple declined to comment and Tesla did not respond to a request for comment.
The project supports Apple’s 130-megawatt solar farm that provides all of its renewable energy in California. However, the site does not provide power at night.
Why it Matters: Over 110 of Apple’s global manufacturing partners are shifting towards complete renewable energy for their Apple production, with almost 8 gigawatts of planned clean energy set to come online. All of which will prevent over 15 million metric tons of yearly CO2 emissions equivalent to taking off over 3.4 million cars annually off the road.
Tesla has over the years also focused on building an energy storage business to complement the solar products it acquired when it bought Solar City. It is increasingly getting involved in large-scale energy storage projects such as Apple’s and also announced it was using Tesla batteries at some of its Electrify America charging stations.
Price Action: Shares of Apple closed 1.88% higher at $122.15 on Wednesday and were up 0.25% in extended trading hours. Those of Tesla closed 5% higher at $667.93, and were down 0.69% in extended hours
Read Next: Apple 'Could Be A Fast Follower' And Snatch At Least 5% Share of EV Market: Analyst
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
