While Tesla Inc's TSLA primary business is electric vehicles, the company's renewable energy production and storage business is growing quickly as well.
Recently, Tesla unveiled the pricing of its Megapack industrial scale battery energy storage system, starting at $1 million, as shared by Electrek.
The Megapack is a large, 3-MWh battery system with built in systems to manage all aspects of charging and discharging. It arrives on site ready to install. Annual maintenace for a single Megapack comes in at $6,570, and increases 2% per year.
CEO Elon Musk also revealed on Tesla's earnings call, shared by Teslarati, that the Megapack is sold out through the end of 2022.
“We have a significant unmet demand in stationary storage. Megapack is basically sold out through the end of next year, I believe,” Musk said. He also mentioned a large backlog of orders for Powerwall, Tesla's residential energy storage solution.
Benzinga's Take: Energy is a large market worth a lot money, mostly dominated by the fossil fuel industry. As the world moves toward renewable energy, storage will be an increasing need as the sun doesn't always shine, and the wind doesn't always blow. Tesla is growing in a market that can be much more lucrative than its vehicle business if it can build enough batteries to meet demand.
Photo of Tesla's Megapack courtesy of Tesla
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