Quantcast
Business

Elon Musk's Tesla Battery So Popular It Sold Out Through 2016

Demand for Tesla Energy's revolutionary battery "has been crazy," according to the company's founder and CEO Elon Musk. Yesterday, in a second quarter earnings call, Musk revealed there have been more than 100,000 reservations (roughly worth $1 billion) of the rechargeable lithium-ion batteries, which have sold out through 2016.

While Tesla is mostly known for its auto industry-disrupting electric cars, the company isn't shy about wanting to wean the world off of fossil fuels through its suite of batteries as well. The Powerwall offers homes and small businesses the means to use and store energy generated from residential solar panels or when utility rates are low. The larger Powerpack (for large businesses and utilities) allows battery owners to store excess energy on site, or as Forbes contributor Jeff McMahon explained in a report, the "batteries allow utilities to store energy when demand is low and use it when demand is high, without turning on more power plants."

As Musk boasted during his call, "You can basically, in principle, shut down half of the world’s power plants if you had stationary storage."

With the battery, utilities no longer need to build power plants to meet peak demand, McMahon added.

“The fundamental economics of cost are always true, meaning there’s always a cost advantage of system-wide implementation of stationary storage because of high peak to trough of electricity usage,” Musk said.

The energy stored by Tesla's batteries doesn't necessarily have to come from renewables, Musk pointed out. "It seems like people link this too much to renewable energy,” he said. “Of course we are great believers in renewable energy, but that is not the gating function for stationary storage.”

Chief technical officer JB Straubel reported during the call that 70 percent of the battery reservations have been for the Powerpack and 30 percent for the Powerwall.

Musk also said his company plans to sell $40-$50 million in batteries in the fourth quarter and will ramp up battery production (undoubtedly at Tesla's massive Gigafactory in Nevada once it's complete) in the coming years to meet the predicted demand.

“It’s probably at least a few billion dollars in 2017,” Musk said.

Watch Musk's Powerwall keynote in the video below.

YOU MIGHT ALSO LIKE

13 Top U.S. Companies Pledge $140 Billion to Slash Carbon Emissions

World’s Largest Solar Project and Floating Wind Turbine Signal Global Shift to Renewable Energy

5 Islands Leading the Charge Toward 100% Renewable Energy

Show Comments ()

EcoWatch Daily Newsletter

Sponsored
Climate
Pexels

The Climate Has Always Changed. Why Is This Time So Much Worse?

By Nexus Media, with Katrin Meissner and Alan C. Mix

A recently released study brought sobering news about the future effects of climate change, predicting they could be twice as bad as current models have projected under a "business-as-usual" scenario—and then some. Even if the world hits its 2 degree Celsius target, the paper—which appeared in the journal Nature Geoscience—warned that sea levels could rise six meters or more, large areas of the polar ice caps could collapse, the Sahara Desert could become green, and tropical forest borders could produce fire-dominated savanna.

Keep reading... Show less
Popular
ZenShui / Laurence Mouton / Getty Images

7 Smokable Plants You Can Grow That Aren’t Marijuana

By Brian Barth

Here's a non-trend that you'd think would be more hip: tobacco-free herbal smoking blends.

Keep reading... Show less
Adventure
"Drowned World," 2018. Michael Wang

Culture Clash: Nature and Civilization Face Off in the Art of Michael Wang

By Patrick Rogers

The rooftop garden of the Swiss Institute Contemporary Art gallery in New York looks much like you'd expect of a newly renovated former bank building in lower Manhattan. Rows of simple aluminum planters line the small rectangular space, sprouting leafy greenery that frames views of the busy streets below.

Keep reading... Show less
Climate
A train at Metro-North Railroad's Croton-Harmon station, in the aftermath of Hurricane Sandy on Oct. 30, 2012. Metropolitan Transportation Authority of the State of New York / CC BY 2.0

The Big Apple Loses to Big Oil as Judge Dismisses Climate Liability Suit

A federal judge ruled on Thursday in favor of a motion by five big oil companies to dismiss a lawsuit brought against them by New York City, which demanded they pay the costs of adapting the city's infrastructure to climate change, The New York Times reported.

The ruling comes nearly a month after a federal judge in San Francisco dismissed a similar case brought by the cities of Oakland and San Francisco.

Keep reading... Show less
Sponsored
GMO
Brian Smith and his cousin Hughes, both fifth generation soybean farmers in Mississippi County, Arkansas, stand in soybean fields their family tend to that show signs of having been affected by dicamba use in August, 2017. Getty Images

New Dicamba Drift Estimate: 1.1 Million Acres Damaged Already in 2018

A University of Missouri report released Thursday estimates that drift damage from the pesticide dicamba has occurred across 1.1 million acres of agricultural crops, trees and other plants so far this year.

This comes less than a year after the U.S. Environmental Protection Agency (EPA) and many states introduced additional restrictions meant to prevent off-target damage from the pesticide. Last year dicamba drift wreaked havoc on a reported 3.6 million acres of soybean crops not genetically engineered to resist the notoriously drift-prone pesticide.

Keep reading... Show less
Energy
Andreas Gücklhorn

Most Popular Energy Source? Everyone Loves Solar

By John Rogers

A recent survey shows yet again that solar panels (and wind turbines) have a level of bipartisan popularity that would be the envy of any politician. That means we'll have something safe to talk about at the next barbecue after all.

Keep reading... Show less
Sponsored
Climate
Moon with orange-colored troposphere band, the lowest and most dense portion of the earth's atmosphere. NASA

‘Powerful Evidence’ of Global Warming’s Effect on Seasons Found in Troposphere

By Daisy Dunne

Scientists studying the troposphere—the lowest level of the atmosphere—have found "powerful evidence" that climate change is altering seasonal temperatures.

A study published in Science finds that climate change has caused an increase in the difference between summer and winter temperatures across North America and Eurasia over the past four decades.

Keep reading... Show less
Health
Susan Hedman, administrator of EPA's Region 5 during the Flint water crisis, testifies before congress. Mark Wilson / Getty Images

EPA Watchdog Finds Agency Failed in Flint Water Crisis

A report by the U.S. Environmental Protection Agency (EPA) internal watchdog organization published Thursday argued that the EPA needed to step up its monitoring of state drinking water in the aftermath of the Flint, Michigan water crisis, CBS reported.

Keep reading... Show less
Sponsored

mail-copy

The best of EcoWatch, right in your inbox. Sign up for our email newsletter!