Eneco will use Tesla battery packs to build a 50 MW storage plant in Belgium
Investing.com | Author Michael Elkins
Published Jun 07, 2023 08:46
Dutch energy company Eneco revealed Wednesday that it is planning to build a 50 megawatt (MW) battery energy storage project in Belgium using Tesla (NASDAQ:TSLA) battery packs, its largest such project to date.
The project will consist of 53 Megapack battery packs with the capacity to provide a continuous energy supply for 4 hours, accumulating a total of 200 megawatt hours.
Storage projects like this are expected to gain increasing importance in the coming years as renewable energy increases its share of the European energy mix.
Tesla's technology is turning heads in the energy storage industry as the Elon Musk-led company continues to make strides with a massive project in Texas. Tesla subsidiary, Gambit Energy Storage LLC, purchased the massive 100-megawatt energy storage complex from Plus Power, LLC back in 2021. Located about 37 miles south of Houston, this impressive facility has the capacity to provide electricity to nearly 200,000 households during hot summer days.
Tesla has dedicated significant time and effort to develop its energy technology for residential use. In March 2015, Musk introduced the Powerwall, a home energy storage product. Just a year later, Tesla acquired SolarCity, a company specialized in installing solar panels.
According to Piper Sandler analysts, Tesla's energy business has the potential to contribute up to 30% of its overall revenue by the end of the decade. A substantial increase from the 6% it accounted for in 2021.
Shares of TSLA are up 3.01% in pre-market trading on Wednesday.
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