Elon Musk is entering the US energy market
Elon Musk is entering the US energy market, after reports that a subsidiary of Tesla, Gambit Energy storage LLC, is building a huge battery linked to an electric grid that almost collapsed in Texas. This is Tesla’s first formal entry into the US energy sector.
Gambit storage has reportedly built more than 100-megawatt energy storage in a town close to Houston, Texas. The battery is estimated to support more than 20,000 homes during the dry season.
The project has been kept under wraps
The building of the facility has been kept under wraps by the company. It was confirmed that the project was owned by Tesla after the company's logo was found on workers' equipment and documents of the project.
The snowstorm that shut down the Texas power supply last month made Elon Musk tweet about the incident. He made fun of the Electric Reliability Council of Texas (ERCOT) ability to supply power to homes in Texas.
Musk recently moved his company to Texas and is reportedly expanding his business operations in the state. Tesla’s battery-powered facility is registered under ERCOT and is close to a Texas-New Mexico Power substation.
Tesla is expanding its business model
Although Tesla is known for producing self-autonomous cars, the company is expanding its business model. The company’s goal is to help the world move from renewable energy sources like fuel and gas to sustainable energy.
In 2015, Elon Musk revealed a home battery product made by the company that was attended by hundreds of people. He also acquired a solar panel company that was founded by Musk and his relatives.
During a statement last year, Musk reiterated his company’s focus on building energy products that are sustainable. He added that Tesla Energy will be more important than the car manufacturing aspect of the business in the future. According to analysts, Tesla Energy is estimated to account for 30% of the company’s revenue in the next ten years.