Tesla Inc (TSLA) Teams With California Utility Operator On Battery Storage
Tesla Inc (NASDAQ:TSLA) batteries are now being used to help a major California utility operator store excess energy generated from renewable sources.
As CNBC reports, Southern California Edison (SCE) is utilizing a Tesla battery farm, with more likely to come:
At a battery storage facility in Ontario, California, SCE is collaborating with Tesla. According to SCE, when demand is low lithium ion batteries can be charged, storing enough energy to power 15,000 homes for four hours.
“The Mira Loma battery storage project demonstrates that energy storage is part of (the) energy mix now,” SCE’s Vibhu Kaushik said.
“These projects can be built very quickly, scaled as needed, (and) they’re really good at integrating renewable energy,” he added.
A big pain point of renewable energy like solar and wind power is how to keep electricity flowing when the sun doesn’t shine, or wind isn’t blowing. Batteries are a big part of the answer, and Tesla is positioning itself well to be the partner of choice for power companies, due to its strong production and scaling capabilities. The company has inked deals for wind farms on the east coast as well, with several more potential partnerships in the works. Tesla Inc shares closed at $351.09 on Friday, down $15.39 (-4.20%). Year-to-date, TSLA has gained 64.30%, versus a 13.18% rise in the benchmark S&P 500 index during the same period. TSLA currently has a StockNews.com POWR Rating of B (Buy), and is ranked #7 of 25 stocks in the Auto & Vehicle Manufacturers category.
Source:StockNews
