Tesla CEO Elon Musk announced in 2015 that the electric car company would enter the energy business. Now it’s starting to leave. In its Q4 2020 earnings call, the company said battery usage was up 83% in 2020, particularly because of the popularity of the Megapack, which stores power for utilities.
Renewable energy such as solar and wind Spare batteries are required for times when the wind is not blowing and the sun is not shining. while different countries Around the world, it aims to switch to renewable energy. The demand for these massive storage systems is on the rise. Grid-sized battery storage is expected to be a $15 billion market by 2027, according to Grand View research.
CNBC visits PG&E’s Tesla Megapack site in Moss Landing, Calif. And learn why energy storage systems like Tesla are everywhere in the future of renewable energy. Watch the video to see inside Tesla’s energy business.