Tesla boss Elon Musk announced in 2015 that the electric car company would enter the energy business. Here we go. In its earnings report for the fourth quarter of 2020, the company said battery usage increased 83% in 2020, thanks in large part to the popularity of the megapack that stores energy for utilities.
Renewable energies such as sun and wind need battery storage when the wind isn’t blowing and the sun isn’t shining. As nations around the world set goals for the transition to renewable energy, the demand for these large storage systems increases. According to Grand View Research, grid-scale battery storage is expected to become a $ 15 billion market by 2027.
CNBC visited PG & E’s Tesla Megapack facility in Moss Landing, California and learned why energy storage systems like Tesla’s could be everywhere in a renewable energy future. Watch the video for an inside look at Tesla’s energy business.