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Tesla Expanding Business Beyond Electric Vehicles, Launches Residential Battery Powerwall
Tesla Motors, Inc. is reportedly expanding its reach with its newest product, a rechargeable battery called Powerwall. The American company has unveiled its latest offering, a suite of lithium-ion batteries for homes, businesses and utilities, on Thursday.
Tesla's Powerwall is a powerful battery that is capable of storing energy enough to power residential structures, the Independent has learned.
It is useful for load shifting and is also helpful as backup power supply and as a device for self-consumption of solar power energy.
"Our goal is to fundamentally change the way the world uses energy on an extreme scale. The goal is complete transformation of the energy infrastructure of the world," Tesla Chief Executive Elon Musk told reporters at the company's design studio at Hawthorne, CA on Thursday.
On its official site, Tesla Motors describes Powerwall as "a home battery that charges using electricity generated from solar panels, or when utility rates are low, and powers your home in the evening. It also fortifies your home against power outages by providing a backup electricity supply."
Alevo Group in Charlotte, NC Chief Executive Jostein Eikeland said, "We applaud Tesla's entry into the energy storage market. Together with Solar City, it will bring more electricity from renewables direct to consumers and onto the grid. And, adding distributed resources is a good thing for the environment as well."
Tesla Motors is reportedly selling Powerwall for about $3,500 for the 10kwh model and about $3,000 for the 7kwh model. The cost of these residential batteries does not include inverter and installation prices, according to Forbes.
In other news, Tesla is now selling used cars online. The used electric cars were from people who traded their vehicles for the AWD Model S.