Under the banner of Tesla Energy, the group's new battery initiative is targeting the energy storage industry which is forecast to grow to $19 billion by 2017, according to market research analyst IHS CERA. Tesla Energy has unveiled a suite of batteries for homes, businesses and utilities which Deutsche Bank has estimated could provide a revenue stream worth up to $4.5bn.
The new range of lithium-ion batteries, which will initially be manufactured at Tesla’s factory in California, but will switch production to the company's planned battery 'Gigafactory' in Nevada when it opens in 2017, were revealed at a Tesla facility in California by the electric car maker’s founder, Elon Musk.
The Gigafactory will produce cells, modules and packs for Tesla's electric vehicles and for the stationary storage market. The Gigafactory is planned to produce 35 GWh of cells and 50 GWh of packs per year by 2020. The Gigafactory which will employ about 6,500 people by 2020.
The lithium-ion batteries, which are set to retail at $3,500 in the USA, feature a sleek design that can be wall-mounted and store up to 10 kWh of energy from wind turbines or solar panels. The batteries can store energy which can be released when sunlight is low, during grid outages, or at peak demand times.