The prominent business personality Elon Musk CEO of Tesla Motors Inc (NASDAQ:TSLA) has revealed that he has greater plans for mattress-shaped batteries that are used in electric cars currently. As per reports, he thinks that these batteries can be converted into upright pillars to be able to power businesses, homes and utilities.
What Lies Ahead
Musk is supposed to unveil a new generation of batteries on Thursday that are designed especially for the growing volume of wind and solar energy. Nothing like that has happened in the past. But if Musk can make everything fall into the line, he will surely be able to create a new business out of existing technology used in the electric cars. The project has a good potential and good enough to generate tens of billions of dollars for Tesla over the next one decade.
Even though batteries have been in use for years, but nobody could ever think from a broader perspective. If Musk can come up with a cost effective way to store a huge volume of energy for future use, it will be a game-changing invention. Tesla is working on a huge ‘gigafactory’ worth $5 billion near Reno, Nevada. It claims that once the factory is ready, it will start working on the mass production of batteries to bring their costs down and make them available for a wide range of customers including various electricity suppliers.
There is an event planned for Thursday at Tesla’s design studio that is located in Hawthorne, California. As per the reports, the company will announce its newest offering during this event i.e. Tesla home battery and a high-end large utility scale battery. According to Peter Rosegg of Hawaiian Electric Co., whatever be the announcement on Thursday, it’s just the beginning.
Tesla has never gone after market, and it will do the same again. The market will chase down the company and take it to newer heights.