The voice of Tesla CEO Elon Musk wavered on Tuesday afternoon onstage during the company’s shareholder’s meeting as he described “the most excruciating, hellish few months I think I’ve ever had.” He was referring to Tesla’s struggles to scale up production of the Model 3, a lower-cost, more mainstream electric car that will be make-or-break for Tesla.
Yet amidst the consternation over Model 3 manufacturing, Musk pointed to a bright spot for the 15-year-old company that makes and sells electric cars, batteries and solar panels: stationary energy storage installations.
Tesla sells batteries that are packaged up and wrapped with software and cooling systems that can be plugged into the power grid, paired with solar and wind farms, and used to store energy for buildings and homes.
During Tesla’s shareholder meeting held in Mountain View, California, Musk said that Tesla has just reached the milestone of deploying 1 gigawatt-hour (GWh) worth of energy storage. It’s a big deal for Musk’s company, and it represents a little less than half of all of the stationary energy storage deployed globally last year (a total of 2.3 GWh), according to GTM Research.
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