Tesla’s growth could reach trillions - Chamath Palihapitiya
Speaking to CNBC on Thursday 23 July, Mr Palihaptiya, who is also the CEO of Social Capital, commented that Tesla’s potential lies away from the cars that have brought the company its first wave of success. He thinks that the company will become synonymous in future with renewable energy.
"This is no longer about cars, that's the first wave of growth. I think people are pricing in an evisceration of traditional autos and an enormous shift to EVs, of which Tesla will get the disproportionate share. This is worth trillions of dollars."
Mr Palihaptiya went on to comment on Tesla’s worth to the business of decarbonization: "It is the leading hedge when it comes to electrification and decarbonization.
Tesla's expansion will only accelerate once more customers buy into its energy business. Utilities are among the most predictable, reasonable businesses, and Tesla's business portfolio will democratize energy generation and storage as the country shifts further to promoting renewable energy”.
"I underwrite this stock as a bet towards decarbonization, towards unregulated energy, and towards the ability for all of us to become our little micro utilities”.
Tesla’s phenomenal rise continues to gather pace. Its market cap is currently over $290bn, and its shares are up 280% year-to-date.
Sungrow links Europe's largest energy storage plant to grid
Europe's largest energy storage project, the 100MW/100MWh Minety plant featuring Sungrow's 1500V energy storage system solutions, has been successfully connected to the UK grid.
The UK experienced the most debilitating blackout in nearly a decade in August 2019. The incident exposed the serious lack of frequency regulation of the national grid and demonstrated that the construction of energy storage projects that can regulate the frequency of the grid in a timely fashion should be prioritised. The Minety project, which began at the end of 2019, considerably mitigates the problem and is designed for facilitating grid stability and maximising renewable energy utilisation.
Sungrow supplied both NCM and LFP battery energy storage system solutions featuring high integration, which minimise the footprint, slash the commissioning duration and significantly reduce the system cost by 5%. The solution well meets the latest UK frequency regulation requirement called dynamic containment - requesting the plant to respond to the power instruction of the grid within 1 second, making the project one of the rare 30% of the UK's storage plants equipped with this function.
"We are proud of being part of this landmark project, offering solutions with extreme efficiency and safety while in compliance with the stringent UK grid codes," said James Wu, Vice President of Sungrow, which shipped more than 800MWh of energy storage systems in 2020.
Battery storage capacity in the UK is likely to heavily increase as move towards operating a zero-carbon energy system. At the end of 2019 the GB battery storage capacity was 0.88GWh. National Grid forecasts it could be as high as 2.30GWh in 2025.
Global energy storage updates
TEVOCS has announced the launch of a powerful series of universal portable power stations that provide reliable power for off-grid situations, travel, home backup and more. With an impressive 2080WH capacity and 2000W output, the TEVOCS power station is billed as 'the ultimate power station for modern life' and is available here.
Enlight Renewable Energy has completed the acquisition of 90.1% of the holdings in Clēnera LLC, a leading and seasoned company in the field of initiation, development, construction and operation of solar energy and energy storage projects in the United States.
Last month Canadian Solar Inc. was awarded the first utility-scale battery storage project in Colombia of 45 MW/45 MWh. The project was awarded in the public tender launched by Colombia's Ministry of Energy and Mines, via its affiliate UPME, the Mining and Energy Planning Unit.