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Tesla Megapack In Australia Catches Fire

Tesla Megapack In Australia Catches Fire

One of Tesla Inc.’s (TSLA) Megapack batteries in Australia caught fire on Friday, CNBC reported.

What Happened: The fire occurred during testing at the site of Victoria’s new Tesla Big Battery, the largest lithium-ion battery in Australia. The cause of the fire is not yet known, as per the report.

The grid-scale project, run by France-based renewable energy giant Neoen S.A. (OTC: NOSPF), is intended to help the Australian state of Victoria's efforts to transition to renewable energy. The site has reportedly been safely isolated from the power grid.

Why It Matters: Tesla’s renewable energy production and storage business is seeing strong growth. The company’s energy and storage business reported revenue of $801 million in the recent second quarter, up from $370 million in the year-ago period.

The Megapack is Tesla’s third stationary energy storage product after the Powerwall and Powerpack. A single Megapack unit is a 3-MWh battery system, with built-in systems to manage all aspects of charging and discharging.

Tesla recently unveiled the pricing of its Megapack industrial-scale battery energy storage system, starting at $1 million.

Price Action: Tesla shares closed almost 4.7% higher in Thursday’s trading session at $677.35.

Read Next: Tesla Agrees To Settle Claims Of Battery Voltage Reduction For $1.5M

Photo: Courtesy of Tesla, for representative purposes. Doesn't show the exact Megapack that caught fire.


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Posted-In: Australia Renewable energy Tesla EnergyNews Global Tech Media Best of Benzinga

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