Thursday, June 21st, 2018

Tesla moves into batteries that store energy for homes, businesses

Tesla Energy batteries for businesses and utility companies are pictured providing energy for the Tesla Motors Powerwall Home Battery event in HawthorneBy Nichola Groom and Paul Lienert LOS ANGELES (Reuters) – Tesla Motors Inc on Thursday unveiled Tesla Energy – storage systems or batteries for homes, companies and utilities that will expand its business beyond electric vehicles and tap into a fast-growing area of the energy industry. Chief Executive Elon Musk said the company's goal was to "fundamentally change the way the world uses energy on an extreme scale." He introduced the products to a crowd of business partners and journalists at a Tesla facility near Los Angeles. In Tesla's view, such storage systems could become part of a fossil-fuel-free lifestyle in which people can have solar panels on their roof generating electricity to power their home and recharge their electric car batteries. At $3,500 for a 10kWh model, excluding inverter and installation prices, the Powerwall can be used for backup power or to store solar energy.

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