Tesla Motors Inc To Show Home, Utility-Scale Batteries April 30

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Tesla Motors is going to reveal batteries for home and utility purposes on April 30, according to an email addressed to investors and analysts on Tuesday, according to Bloomberg. In a tweet last month, Tesla CEO Elon Musk claimed that the company is looking to launch a new major product line which would not be a car. At that time, many speculated that it could be related to home solutions.

Home batteries, an emerging segment

Musk, at a conference call in February, talked about the company’s plans to come up with a home battery which could be used to power houses and businesses. This seems to be coming true with the recent news indicating that the company will make public its home and utility batteries at the end of this month.

Along with the release, the company will be describing the battery’s benefits, and “why past battery options were not compelling,” as claimed by Jeffery Evanson, Tesla’s head of investor relations. Another company spokesperson, Khobi Brooklyn, suggested that the EV carmaker will provide more detail regarding its new product in the coming weeks.

It is being predicted that Tesla seeks to use its lithium-ion battery technology to become a global leader in the market for energy storage devices that complement the conventional electric grid. The upcoming home batteries are proclaimed to be a major development for the clean energy industry, as they provide a cheap alternative energy source. To emphasize further their applications, these batteries are already being installed in some commercial buildings by SolarCity.

Tesla has big battery plans

Tesla Motors is spending a lot of money to create better batteries for its vehicles. One of the examples of such an effort is the $5 billion gigafactory that the company is building with help from Panasonic in Nevada.

In this factory, the company will develop cylindrical lithium-ion cells meant for its electric vehicles and other battery applications. The gigafactory, which is still under construction, is expected to employ 6,500 workers after its completion. Also the facility is expected to manufacture batteries for half a million cars by 2020 and could aid the company in becoming the largest producer of batteries in the future.

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