LA TImes

April 23, 2015
Tesla plugs into new markets with batteries for electricity storage

The Los Angeles Times indicates that Tesla is expected to announce its entrance into the battery energy storage market for residential and commercial customers. Batteries can help offset electricity costs, reduce pollution, and bolster the power grid by storing the almost limitless generation from renewable energy sources. Tesla and its partners will invest in a $5 billion "gigafactory" for large-scale production of lithium-ion batteries, which Elon Musk stated will reduce production costs by about 30% and facilitate the introduction of a more affordable electric vehicle. SMERC director Dr. Rajit Gadh is quoted in the article stating, "You can look at the battery as an asset on the grid and then you can start to figure out the financial opportunities."

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