The Tesla stock price is getting pounded. Elon Musk has personally seen his net worth plummet $43 billion in 2021, but the big thinking and bold ideas never wane at Tesla.
Now the EV company is getting involved in something brand new, the Texas power market.
It was learned Monday that the EV company is constructing an enormous battery connected to an outdated electrical grid in Texas. It’s a famous one too, since the whole world learned about it when it nearly collapsed in February during a nasty winter storm that caused numerous blackouts and power failures.
About 40 miles south of Houston is a town called Angleton, and that is where a Tesla subsidiary company called Gambit Energy Storage LLC is building over 100 megawatt energy storage projects.
Just one of the batteries could provide power to roughly 20,000 homes, even on a hot Texas summer day.
Yahoo Finance reported that Brazoria County property records show that Gambit has the same address as a Tesla facility in Fremont, California.
The project is hoping to be completed by June 1.
Musk, and Tesla have been as fascinated with the power source of Tesla vehicles as they have been the actual car. Six years ago, Musk showed off a home battery produce called the Powerwall.
It’s estimated that Tesla Energy could represent almost 30% of their total revenue in 15 years. It currently accounts for just 6% of Tesla’s revenue now.
Tesla stock rose on Monday, partly due to this news. After falling four straight days, shares were trading 6% higher Monday.