WATCH ABOVE: Tesla is getting into the home battery business. According to CEO Elon Musk, the company is working on a battery pack that would power households. Nicole Bogart reports.
TORONTO – Electric car maker Tesla Motors will soon embark on a new business venture in the energy storage market. According to CEO Elon Musk, the company is developing a battery pack that would power households and businesses.
Tesla executives offered little information about the project during the company’s fourth quarter earnings call this week, but Musk said design of the batteries is already complete.
READ MORE: Nevada offers Tesla up to $1.3B for battery plant
Chief technology officer JB Straubel said it’s possible the consumer battery pack could be unveiled “in the next month or two,” however, production wouldn’t begin for another six months.
Last year, Musk said the company hoped to develop a home battery, similar to the one found in its Model S car. At the time, he said the battery would be designed with a “beautiful cover” and provide homeowners with “plug and play” capabilities – meaning it wouldn’t power the entire home.
READ MORE: Tesla announces cheaper model, is it time to buy electric?
It’s not yet clear just how much power the home battery would supply.
Tesla wouldn’t be the first electric car maker to produce a home battery.
The Toyota Mirai, which runs on a hydrogen fuel cell battery, gives drivers the option to remove the battery and use it as a backup power supply in their home. Toyota claims its battery could power an average Japanese household for up to a week.
Comments