The Chief Executive Officer and Founder of Tesla, Ellon Musk, has decided to improve the energy prospects provided by the company. Tesla News reported that Mr. Musk believes that the company’s mattress shaped batteries could be employed for charging utilities, businesses, and homes. The CEO would soon introduce a new set of power storage devices equipped to store rising volumes of wind and solar energy. The success of the batteries would introduce the business into a billion-dollar power saving industry.
Tesla news today pointed out that no power generating company has been able to discover a cost effective way to store huge levels of energy for later distribution. Company sources have revealed that the under-construction factory will reduce the cost of storing power and make high-tech batteries competitive. This information indicates that it is optimistic and expects a lot from the latest high-tech production plant.
The ‘manufacturer’ would officially launch home batteries on Thursday at its design studio in the American state of California. The Hawaii-based power supplier, Hawaiian Electric Co., has welcomed the company’s plans, as it has stated that the market would entertain the electric car pioneer. Experts presented the view that these batteries would perform very well due to the existing need of storage devices in homes, business, and utilities, for storing electricity generated by wind and sun, which could be used later when needed.
Tesla Motors news affirmed that the modern ‘automaker’ is not new to electricity storage industry, as it is already selling batteries to homes and business, such as Walmart Stores, through its projects and a supply contract with Solar City Corp, which proves its capability of capturing the power storage industry. Industry sources highlighted that it wants to combine the battery’s strengths with its power usage expertise.
It is probable that three different projects would fulfill the ‘green power’ wish of Mr. Musk, including Tesla electric powered vehicle business, lithium-ion battery manufacturing plant in Nevada, and SolarCity where he serves as Chairman. Power experts believe that the company’s batteries would not only provide power-storing opportunities to its clients but also supply the grid that fuels its cars. This belief is supported by the expectation that thermal powered electricity producers would also enter its market.
Tesla would face fierce competition from a number of battery manufacturers, such as South Korean LG Chem Ltd., and American power provider, AES Corporation. It should devise efficient strategies to deal with state laws and rivals, which add to the issues and challenges faced by the company. Now it is yet to be seen that to what extent its plans are able to satisfy the power needs of its users and contribute to its prosperity.