(MENAFN- ProactiveInvestors) () a U.S. electric carmaker unveiled batteries that can power homes and businesses as it attempts to expand beyond its vehicle business. Shares fluctuated.
Chief executive Elon Musk said the firm would build batteries that store solar energy and serve as a back-up system for consumers during blackouts.
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.
The device would allow consumers to get off a power grid or bring energy to remote areas that are not on a grid.
Tesla plans to start shipping the units to installers in the U.S. by this summer.
In a highly anticipated event near Los Angeles late yesterday Musk said the move could help change the "entire energy infrastructure of the world."
The smallest battery unveiled yesterday known as Powerwall is housed in a six-inch-wide container that is meant to be hung inside a garage or on the outside wall of a house.
At $3500 for a 10kWh model excluding inverter and installation prices the Powerwall can be used for backup power or to store solar energy. It was derived from the batteries that Tesla uses in its Model S vehicles. The device will be installed by licensed technicians.
Tesla's lead installation partner for the home battery will be SolarCity () the solar installer backed by Musk. The company will also partner with many others Musk said. Musk owns 21.4 percent of SolarCity. He owns 22.4 percent of Tesla.
Black & Veatch an infrastructure builder plans to work with Tesla on building power storage systems for commercial and industrial customers the Overland Kansas-based company said in a statement today.
The batteries will be connected to the Internet and can be managed by Tesla from afar. Customers can connect up to nine battery packs to store larger amounts of power.
“If you have the Tesla Powerwall if the utility goes down you still have power” Musk said. He added: “The whole thing is an integrated system that just works.”
Tesla’s announcement comes as energy companies are moving in the same direction. Sungevity a leading solar installer announced a partnership this week with Sonnenbatterie a smart energy storage provider in Europe to begin offering their systems to its customers. NRG one of the largest independent power producers in the United States is also developing storage products.
Shares were down 0.6 percent at $224.61 at 2:57 p.m. in New York.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.