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Jon LeSage for HybridCars: Tesla’s energy storage division just won a very large contract with a major California utility to stabilize power outages.
While the acquisition cost hasn’t been announced, Tesla Energy will supply 20 megawatts of energy storage to Southern California Edison – enough to power about 2,500 homes for a full day. It’s part of SCE’s efforts to prevent blackouts by fossil-fuel electricity generation with lithium-ion batteries. Investment in Tesla’s product, called Powerpacks, is thought to be worth tens of millions of dollars, and is expected to be operational by the end of this year.
The deal ties into Tesla’s plans to broaden its base beyond manufacturing and selling electric cars, similar to its recent investment in SolarCity. It also signifies advancements being made in energy storage, which is reaching a much faster pace – months instead of years, according to an analyst. Cont'd...