In yet another ground-breaking project, Tesla Inc. and PG&Electric Corporation agreed to build the largest lithium-ion battery energy storage system in the world at a PG&E electric substation on the central coast of California.
The ground-breaking project is predicted to save more than $100 million over a 20-year lifespan.
In a statement released by Tesla and Pacific Gas & Electric Building San Francisco, California, United States, as reported by MarketWatch, both companies called the facility a “landmark.”.
According to the statement, the system will be designed, constructed, and maintained by both companies, but it will be owned and operated by PG&E.
Construction is expected to continue into early next year, with the goal of having it energized in early 2021 and fully operational in the second quarter of 2021. “Once operational, the Moss Landing substation system will be one of the largest utility-owned, lithium-ion battery energy storage systems in the world,” the companies said.
Stationary energy-storage systems help smooth out electric-grid peaks and valleys and make the grid more reliable.
The system will be able to store and dispatch up to 730MWh of energy to the electrical grid at a maximum rate of 182.5 MW for up to four hours during periods of high demand.
Tesla Stock is presently trading around the strong $1500 level, the stock has been hanging on to this level for days as it tries to provide strong support for Bulls, and prevent Bears from taking price lower.