Tesla Inc TSLA is best known as the maker of electric vehicles, but its growing presence in the energy sector could be something investors and analysts begin to center on as the company’s next area of growth.
What Happened: The Tesla Powerwall is one of several products sold by the Austin, Texas-based company to help consumers with energy storage and usage.
Tesla highlighted the Electric Reliability Council of Texas (ERCOT) hitting a new milestone with a repost of a tweet on social media platform X.
"Batteries sent more power to the grid in ERCOT than ever before," the council said in a tweet. "Shattering the previous record, battery discharge peaked 20 percent higher than the previous record set only the day before."
ERCOT manages electrical operations for the majority of Texas. The tweet shows that batteries sent more power to the Texas grid than ever before, as reported by Teslarati.
The record-setting day saw new highs for demand, solar generation and net load. Telsa offers Powerwall and Megapack to consumers in Texas for the energy storage sector and may have played a major role in helping hit the milestones.
Tesla has also been approved by Texas to pilot a virtual power plant program that would allow Powerwall users the ability to sell electricity to the grid during peak demand periods.
Why It's Important: Tesla reported 9.4 GWh of energy storage in the second quarter. Commentary from the company said its energy division will see higher growth than electric vehicles for 2024.
Launched in 2015, the Powerwall could be one of the most important products in Tesla history. The Powerwall continues to hit new milestones passing the 500,000 Powerwalls installed level last year.
Tesla can now produce 700,000 Powerwalls annually, hitting a new milestone from its factories.
The Powerwall 3 marks the latest version of the popular energy storage product and comes with more power capacity than previous versions. This means it could make it more affordable to have one Powerwall in a home, as reported by Electrek.
With most attention on the electric vehicles and autonomous driving, Tesla's Energy segment may not be getting the love it should for its high growth and high margins.
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
