Tesla signs deal for $556 million grid-scale battery storage station in China
Tesla on Friday signed a $556.8 million agreement to build a grid-scale battery storage station in China. It's the first Tesla large-scale battery storage facility in that nation. File Photo by John Angelillo/UPI | License Photo
June 20 (UPI) -- Tesla Friday signed a $556.8 million agreement to build a grid-scale battery storage station in China.
The deal is with China Kangfu International Leasing Co., as well as the Shanghai local government.
It's the first Tesla large-scale battery storage facility in China.
In a statement on Chinese social media site Weibo, Tesla said, "Tesla's first grid-side energy storage power station project in mainland China has been officially signed.The grid-side energy storage power station is a 'smart regulator' for urban electricity, which can flexibly adjust grid resources."
Tesla said that, when complete, this project is expected to become the largest grid-side energy storage project in China.
Utility-scale battery energy storage assists energy grid management by keeping supply and demand in balance. More is being built worldwide.
Tesla competed against two Chinese companies that offer similar products. CATL and automaker BYD have significant global market share in these battery storage products.
China plans to add nearly 5 gigawatts of electricity supply powered by batteries by the end of 2025, which would bring the total capacity to 40 gigawatts.
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