Dive Brief:
- Tesla, known for battery innovations helping the spread of the electric car, could soon begin production of an energy storage device designed for the home.
- Bloomberg reports CEO Elon Musk told analysts the battery is already in development and could be in production within six months.
- Tesla is working with SolarCity, the leading American solar installer, to pair their batteries with rooftop solar systems, significantly enhancing the value proposition for the distributed resource.
Dive Insight:
"We are going to unveil the Tesla home battery, the consumer battery that would be for use in people’s houses or businesses fairly soon." Elon Musk told investors in what was an otherwise disappointing earnings call.
The end-goal, of course, is a home which produces and stores its own energy through a combination of solar panels and battery storage. And Elon Musk, the entrepreneur renown for known for a clean energy passion, pushing the limits of electric vehicles, and developing a massive battery factory in Nevada, says Tesla will commit to significant investments despite the dip in earnings.
In its earnings release, the company said in 2015 it expects to deliver about 55,000 Model S and X vehicles, representing more than a 70% increase over 2014 deliveries. Capital expenditures and operating expenses will increase this year at the company, but at a more moderate pace than last year. Capital expenditures are expected to be about $1.5 billion.
