Tesla all set to make it's enter into the energy storage business

Tesla all set to make it's enter into the energy storage business
The Siliconreview
31 May, 2021

In a recent announcement, Tesla, one of the most renowned electric-vehicle companies, has stated that it is getting into the energy business.  Elon Musk is getting into the Texas power market and has stated that the company is starting to take off. On its Q4 2020 earnings call, the company said its battery deployments increased 83 percent in 2020, credits to the popularity of the Megapack, which stores energy for utilities.

As there is an increased demand for renewable energy sources and the world set goals to transition to renewables, demand for these large-scale storage systems is on the rise. Especially the Grid-scale battery storage is expected to become a $15 billion market by 2027. Thereby, Tesla could be everywhere in the future of renewable power.

Musk and his team are continuing to highlight energy as a key part of their growth. It is reported that Tesla Energy could represent up to 30 percent of its total revenue by the 2030s, up from roughly 6 percent today. The company's primary focus is on the U.S. energy hub with natural gas, oil, solar, and wind resources. Tesla aims to is transforming the energy sector by surging growth of renewables.