At 400 MW/1,600 MWh, the Green River Energy Center is expected to become one of the largest solar-plus-storage projects under development in the United States. Once operational, the facility would supply power to PacifiCorp under a power purchase agreement, as noted in a press release. 

Utah Gov. Spencer Cox shared his excitement for the project during the Green River Energy Center’s groundbreaking event. As per the Utah Governor, the solar and battery storage system represents a notable step forward for the state’s sustainable energy efforts. 

NEWS: rPlus Energy has just broken ground on a new $362 million @Tesla Megapack battery energy storage system in Utah.

This 400 MW solar PV and 400 MW/1,600 MWh battery storage project is one of the largest solar-plus-storage projects under construction in the nation. The entire… pic.twitter.com/ubPOUnPWEf

— Sawyer Merritt (@SawyerMerritt) September 24, 2024

“This project is being built in rural Utah, by rural Utahns, and for all of Utah. When rural Utah thrives, the entire state prospers. Today, we’re not just breaking ground—we’re building a future of affordable, abundant energy in Utah,” the official noted. 

The Green River Energy Center secured over $1 billion in construction debt financing earlier this year. The facility is also expected to create about 500 jobs, many of which will be filled by local workers. With this in mind, the solar and battery farm would likely prove to be a boost to Emery County’s economy, enhancing tax revenue, strengthening public services, and offering long-term employment opportunities for the area’s residents. 

Sundt Construction will serve as the project’s contractor, EliTe Solar will supply the solar modules, and Tesla will provide the battery storage system for the project. Luigi Resta, President and CEO of rPlus Energies, noted that the Green River Energy Center is special because of the entities that have worked together to make the facility a reality. 

“It’s the partners that make this project special, that have made this monumental project possible. From our equipment providers to the onsite talent, and the support of the local and regional community, we owe this project’s success to each of you,” he stated. 

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Rohan Ma, who has been at Tesla for just under eight years, announced he would depart the company on LinkedIn, aiming to take on a new opportunity elsewhere.

Ma posted:

“After eight years at Tesla, this will be my last week. It was a ride of a lifetime! Today, Tesla Energy is thriving and I can confidently say it’s in the best position it has ever been in to drive impact toward the original mission I signed up for. I’m proud to have contributed over the years to where it is now, and will be cheering the team on from the sidelines as they carry the torch forward and continue to relentlessly solve problems at the frontier of the energy transition.”

Ma started as the Senior Manager of Energy Optimization at Tesla back in November 2016. After four-and-a-half years at the position, he then moved on to a new role as the Director of Energy and Software Optimization. He has been in that role for over three years.

The exit of Ma is the latest in Tesla’s tough year in terms of losing high-level employees.

Earlier this year, as a part of widespread layoffs, Tesla eliminated up to 20 percent of its workforce and people like Rebecca Tinucci, who was the company’s Senior Director of EV Charging.

Tesla also lost Rohan Patel, Vice President of Global Public Policy and Business Development, and Martin Viecha, who was Head of Investor Relations, are just a few notables to depart.

Autobidder

Tesla’s Autobidder platform helps owners and operators make money by autonomously monetizing battery assets. It is a real-time trading and control platform that maximizes revenue according to business objectives and risk preferences.

Tesla Megapack, Autobidder to be deployed in big battery project in Queensland

Autobidder already has hundreds of megawatt-hours under management and continues to scale. It is hosted on Tesla’s secure cloud infrastructure that is engineered to handle large and complex computations.

Without Ma’s expertise, Autobidder would likely not be involved in Tesla’s Energy division at all, and although it is not frequently discussed, it is still a major part of the business’s growth over the past several years.

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Tesla is widely known as an automotive company, but many investors, analysts, and even reporters tend to leave out the fact that it also operates an energy division.

Many consider Tesla to be an artificial intelligence and software company as well.

Tesla bears officially have their next big threat: Tesla Energy

However, Tesla Energy is becoming a bigger factor in the synopsis of the stock as analysts are beginning to adjust how much it makes up of their overall price targets. Ben Kallo of Baird said in a note on Thursday that Tesla’s growth in the energy division warrants a revisitation of what it means to shares as a whole.

Kallo wrote:

“Rapid growth in deployments and gross margins exceeding those of the Automotive business have begun shifting attention to this component of the company and raised the question of the Energy segment’s contribution to TSLA’s valuation.”

Baird believes Tesla Energy equates to roughly $41 per share and assumes roughly 25 percent gross margins and around 12 percent EBIT margins, according to MarketWatch.

These assumptions run through 2029.

Additionally, Kallo wrote that Energy is “one of the most under-the-radar aspects of the broader business,” truly pushing the idea that Tesla has a silent giant looming in the background.

Interestingly, Morgan Stanley analyst Adam Jonas did the same thing last month, breaking down the Energy division’s impact on the price target the firm had.

Jonas moved the Energy division’s slice of the $310 price target from $36 to $50 per share.

Tesla reported such strong numbers for its energy division in Q2 that analysts are finally starting to take notice. The company reported that it deployed 9.4 GWh of energy storage products in Q2, which was its highest quarterly deployment to date, outpacing the previous record by 132 percent.

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To put the size of this project into perspective, Tesla deployed 9.4 GWh of energy storage in Q2 as a whole, its most in a single quarter, beating its previous record by 132 percent.

Tesla Energy posts record 9.4 GWh of battery storage deployed in Q2 2024

Tesla and Intersect Power, a U.S.-based clean energy company, agreed to the terms of the BESS project and set dates for certain deployment goals well into the future.

Tesla will deploy nearly 10 GWh of large-scale energy storage at the site by the end of 2027. The full 15.3 GWh of storage will be supplied by 2030 and will be worth over $3 billion.

We’ve committed an additional 15.3 GWh of Megapacks to @IntersectPower

The agreement adds to Intersect’s 2.4 GWh of Megapacks under operation or construction, including 966 MWh at three Texas sites, set to move from concept to commissioned within 12 months. Two of the sites… pic.twitter.com/wEdVHcEOjK

— Tesla Megapack (@Tesla_Megapack) July 18, 2024

Sheldon Kimber, CEO of Intersect Power, said:

“No one in the market can match Tesla’s depth of experience in storage technology. This partnership is the foundation of one of the largest and fastest growing storage portfolios in the country here at Intersect Power. This storage franchise is the perfect complement to our multi-billion dollar expansion of renewable generation that is expected to more than triple the size of our company over the next three years.”

Tesla is expected to install the Megapacks at Intersect Power projects in 2025 and 2026, all of which will be built at the Lathrop factory.

It is not the first time the two companies have worked together. Tesla supplied Megapacks for 2.4 GWh worth of Intersect Power’s solar + storage facilities that are either in operation or under construction.

Tesla bears officially have their next big threat: Tesla Energy

These locations include 1 GWh at the Oberon solar + storage facility and 448 MWh in operation at the Athos III solar + storage facility in California, and 1 GWh at the Radian and Lumina solar + storage facilities in Texas, which will be fully operational by the end of 2024.

Mike Snyder, Senior Director of Tesla Energy, said:

“Intersect continues to be an exceptional partner, and their development expertise combined with the plug-and-play nature of Tesla’s vertically integrated technology enables the speed and scale needed to enhance grid resilience and support greater renewables integration.”

Tesla Energy is expected to have a bigger impact on the company’s financials in the future, as this past quarter was the biggest deployment in its history.

Tesla Energy secures $375M Megapack contract

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The numbers Tesla reported for its energy storage deployments for Q2 have Morgan Stanley and its analyst Adam Jonas considering the division as more of a factor in its breakdown of the $310 price target it has put on shares.

“It’s no wonder that investors are starting to consider the real possibility that Tesla Energy may be worth more than Tesla Auto,” Jonas said in a note to investors.

In the grand scheme of perception, most see Tesla as a car company. The reality is Tesla is much more than that. It builds cars and employs energy storage units on a massive scale; it could also be considered an AI, Robotics, and Software company.

Tesla Energy posts record 9.4 GWh of battery storage deployed in Q2 2024

While the Tesla stock price has soared since it reported a delivery beat of 6,000 units over Wall Street consensus estimates, perhaps the biggest shock and one of the reasons more analyst firms are boosting their price targets is because of the energy division’s performance.

The company saw a massive increase in energy deployments in Q2, setting a company record, and not in a modest way. Tesla saw a dramatic 132 percent increase over Q1, which was a company record at the time it was reported.

Tesla reported deployments of 4.053 GWh in Q1, but this was drastically overshadowed by the 9.4 GWh it reported in Q2. It all goes back to things CEO Elon Musk said years ago.

Musk said during the company’s Q3 2019 Earnings Call nearly five years ago that the Energy division of Tesla could be a much larger portion of the company than the automotive side.

“It could be bigger, but it will certainly be of a similar magnitude,” he said. “It would be difficult to overstate the degree to which Tesla Energy is going to be a major part of Tesla’s activity in the future…I think both, over time, will grow faster than automotive. I  think, especially, if you look at sort of — if you look at, like, year-over-year growth, it will be absolutely incredible … over the course of, say, a year, gigantic increase.”

Jonas believes the same. In fact, his $310 price target has been broken down in a way that reflects auto making up $284 of it, Reuters said. Previously, Energy only accounted for $36 of the $310.

Now, he is bumping it up to $50 per share. This also factored in Morgan Stanley’s reduction of 2030 auto sales for the company.

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Tesla has been attempting to come to terms with the Indian government on an electric vehicle production plant for several years, but the talks have gotten more intense over the past few months as the automaker wants to build a factory that would produce a $24,000 car.

CEO Elon Musk has said this year that Tesla will hopefully come to terms with the Indian government this year, with the big bottleneck being the two parties not able to agree on terms regarding import duties that would allow the company to test demand by sending cars from other countries.

These duties price out many customers as, in some cases, they can double the price of a car. However, there has been more movement in the direction of an agreement in terms of this year, and it may not involve importing.

Now, Reuters is reporting that Tesla is planning to take it a step further by building energy storage products in India. Tesla is proposing that it could support India’s battery storage capabilities with the Powerwall, which stores excess energy generated from solar panels.

Tesla and India may not come to terms on import duties, but the plan to bring a wider business model to the country may be the bridge that is needed to make a deal.

One source said that the government wants to help create a fair business model for Tesla as it could offer subsidies for those who purchase energy storage products.

Tesla and the Indian government are still reviewing the proposal, and they are reportedly “keen” on the idea. However, it is still under review.

The source also said:

“Large policy level calibration will be required. Tesla’s intent is to have the Powerwall business in India.”

Tesla could be India’s answer to peak-time shortages and demand surges as the country has boosted supply to towns and villages. India is dependent on coal-based power generation, and its 1.4 billion people depend on non-renewable sources for nearly 58 percent of its energy needs. Non-fossil fuels make up the remaining percentage, with Solar being the biggest contributor, according to the country’s Ministry of Power.

Powerwall would help residents avoid outage issues, and Prime Minister Narendra Modi was extremely interested in how it could help farmers when he met with Tesla brass in 2015.

“Enjoyed discussion on how battery technology can help farmers,” he said. Musk also said he had a productive talk with Modi about solar and how batteries and storage systems can empower rural communities.

“The Prime Minister was very keen to see how we could utilize the battery power ball concept to leapfrog development in India,” Vikas Swarup, Spokesman of the Ministry of External Affairs, said in 2015.

Tesla just recently launched a new version of the Powerwall as well, which offers new and improved specifications that will help keep the lights on longer and avoid outages.

Tesla Powerwall 3 specs officially listed on company website

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The project could expand to 1 GW/4GWh, as it has already landed the necessary approvals to potentially grow to support more sustainable energy reliance in the future.

It is Neoen’s first battery project that could support a four-hour long duration, as it currently operates five other BESS projects in Australia. This one is the largest and will be able to support times when energy is most needed by the grid to encourage stability.

Neoen has already provided Tesla with notices to proceed with its production and delivery of 2XL Megapack units, indicating Stage 1 of the project is already underway.

According to ReviewEconomy Australia, Neoen will be contracted for two years and will be tasked to make 197MW of battery storage capacity available for four hours, between 10 am and 2 pm, to charge, helping to stabilize energy needs and lift demand levels off the grid during peak times. It will also be required to withstand the evening peak and take pressure off the grid. This time slot falls between 4:30 pm and 8:30 pm.

The value of the project has not been announced, but Neoen lifted its operating earnings by $160 million last quarter. This could indicate the profit made from the deal could have lifted the company’s operating earnings in preparation for the deal, especially given that it occurred in a short period of time.

The project is set to help avoid what is called the “solar duck,” which describes the energy usage that people put on the grid through daily tasks.

Credit: Synergy (via ReviewEconomy)

Tesla Megapacks are being used for the project, which has been an ideal choice for many large-scale BESS across the world. Tesla already has Megapacks operating at several BESS projects in Australia, including the “Big Battery” in South Australia and the Hornsdale Power Reserve.

Tesla “big battery” in Australia is becoming a bigger nightmare for fossil fuel power generators

“This is an exciting time for Neoen as it is our first major project in WA, and it also means we now have a big battery in five of the six Australian states,” Louis de Sambucy, head of Neoen Australia, said. “With our growing team in Perth and a strong pipeline of projects, we look forward to playing an increasingly significant role in the state’s rapid decarbonization.”

Tesla has been increasing production of Megapacks to suit the company’s needs as there has been more demand for the energy product. The company is building Megapacks in both Shanghai and Lathrop, California.

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The Powerwall is Tesla’s residential battery storage unit. With an energy capacity of 13.5 kWh, the Powerwall is able to provide homes with an uninterrupted power supply, even in the event of power outages. Powerwall batteries have proven themselves over the years, with some battery units surviving floods and hurricanes without any apparent issues. 

According to Tesla, customers could be eligible for the rebate if they install and register their Powerwall between June 15, 2023, and October 31, 2023. It should also be noted that the rebate applies to Powerwall customers regardless of how many batteries they have installed in their homes. 

Customers who opt in for more Powerwalls in their homes stand to get a larger incentive, however, as the promotion provides a $500 rebate for each residential battery that is installed. That’s quite an incentive, especially among those who are willing to participate in Tesla’s growing virtual power plant initiatives. 

Tesla provided quick instructions for Powerwall customers who wish to acquire the $500 incentive. “After your Powerwalls have been installed, connected to the internet and registered, you will be notified from the Tesla app to submit your rebate request. Once confirmed, Tesla will send you a check of $500 for each Powerwall,” Tesla wrote. 

While Tesla’s $500 Powerwall rebate is definitely compelling, customers should take note that the incentive has some eligibility requirements. For one, the Powerwall batteries must be installed between June 15, 2023, and October 31, 2023. They also have to be ordered from Tesla or Tesla Certified Installers. The system must be connected and registered, and a rebate request must be submitted through the Tesla mobile app as well. 

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VPPs can be used for a variety of reasons, but affordability and grid stabilization through sustainable energy are the biggest advantages.

Tesla has been operating its VPP program since 2021, when it launched in California. It allowed owners to earn money by contributing stored energy through their Powerwalls to provide grid services. It helped utilize solar energy instead of other sources that may be polluting.

The VPP has been paying those who opted in roughly “$2 for every additional kWh your Powerwall delivers during an event,” the company says. The payouts have attracted more people to opt into the program, but Tesla is now evidently attempting to launch it in other areas.

Earlier today, Baglino was asked if Tesla had plans to launch a VPP in Puerto Rico where the population of Powerwalls is substantial. “We have over 350MW of Powerwalls in Puerto Rico that could help the grid shortage in Puerto Rico overnight,” Baglino said. “We are working with Luma Energy Puerto Rico to activate a VPP for all Powerwall customers this Summer.”

Absolutely. We have over 350MW of Powerwalls in Puerto Rico that could help the grid shortage in Puerto Rico overnight. We are working with @lumaenergypr to activate a VPP for all Powerwall customers this summer. Stay tuned for more…

— Drew Baglino (@baglino) June 15, 2023

Puerto Rico is an ideal location for the program as it is a country that routinely faces power outages due to severe storms. It is commonly hammered by hurricanes during the Summer months, and the country’s clean energy advocates have fought to lean on renewable energy to help stabilize things, according to a report from Politico.

Baglino also said Tesla Electric customers in Texas will have a VPP launching there as well. It has already started testing this month and the first VPP credits will be paid out to customers next month.

Coming to Texas Tesla Electric customers soon! We are testing the initial set of VPP services with @ercot_iso this month and target paying out the first VPP credits to Powerwall customers in Tesla Electric next month.

— Drew Baglino (@baglino) June 15, 2023

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Tesla Megapacks will help make up the massive battery energy storage system, or BESS, providing 50 MW/200MWh of storage, supplying the grid for up to four hours in the instance of a power outage or blackout.

“A growing number of wind turbines and solar panels are taking over much of the power production from existing fossil fuel power plants,” Eneco writes. “However, there is not always electricity from wind and solar, the demand is only partly controllable, and therefore it is important to have flexible storage.”

The Megapacks essentially act as a backup plan to the other sustainable options and will offer spare capacity when the grid needs to be kept in balance.

The project will be built in Ville-sur-Haine and be the largest project Eneco builds to date. Eneco is jointly owned by Mitsubishi Corp. and Chubu Electric Power at an 80/20 split, respectively.

BESS projects are becoming a widely popular way to remove regions of dependency on fossil fuels. Reducing CO2 emissions widely aligns with the climate goals of many countries, including those that are a part of the European Union, Belgium included.

Greenhouse gases will be reduced by at least 40 percent by 2030, and energy efficiency will need to be increased by at least 32.5 percent, while renewable energy shares need to be increased to at least 32 percent of the EU’s usage.

“We are strengthening our renewable energy activities in order to contribute to reducing CO2 emissions,” Tine Deheegher, Manager of Renewable Energy Solutions at Eneco, said. “In this regard, energy storage is very important to absorb the fluctuations of renewable energy. This project is an important step for us towards a CO2-neutral energy system in 2035.”

Tesla has expanded Megapack production to Shanghai and has also started operations at a new plant in California while shutting down manufacturing of the product in Nevada.

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