Tesla Motors Inc.’s Elon Musk, already taking on the auto and aerospace industries, is going after utilities by seeking to drive down the cost of storing energy through building cheaper batteries.
The electric carmaker said in a Feb. 26 filing it’s developed a battery to store power for homes, commercial sites and utilities, the same day as announcing plans to invest as much as US$5 billion in the world’s largest battery factory. The Palo Alto, California-based company is seeking to cut the cost of lithium-ion batteries by at least 30%.
Will rooftop solar panels cause the downfall of electric utilities?Some commentators have likened the disruptive potential of rooftop solar developer SolarCity Corp (NSDQ: SCTY) to Amazon.com (NSDQ: AMZN), arguing that a new era of distributed energy is on the verge of displacing power companies the way that Amazon.com has won market share from brick-and-mortar retailers.
By Equity Flux:SolarCity Corp. (SCTY) operates in the industry of specialized semiconductors and is primarily involved in the provision of clean energy, i.e. solar energy. The company was established in 2006 and is based in San Mateo, California. SolarCity provides its solar systems to home owners, businesses and industrial clients.
The fuel-cell manufacturers that have been Nasdaq’s three-biggest gainers in the past month continued gains Tuesday after executives predicted profitability as early as this year.
Canadian company Ballard Power Systems Inc. share were indicated as much as 15% higher in pre-market trading in New York Tuesday after a 30% gain Monday. Plug may rise 12% and FuelCell Energy Inc. by 22%, based on pre-market indications.
Tesla Motors Inc. CEO Elon Musk added US$1.1 billion to his fortune Tuesday as the electric-car maker and solar power company SolarCity Corp. closed at records on investor optimism over his plans to build one of the biggest battery factories on Earth.
Musk, who leads Tesla and is both its and SolarCity’s biggest shareholder, has a net worth of US$11.7 billion, according to the Bloomberg Billionaires Index, up 10% since yesterday and US$3.8 billion year-to-date.
By Stone Fox Capital:After reporting on the extreme valuation of Tesla Motors, Inc. (TSLA) (see Has The Future Changed That Much For Tesla Motors?), another Elon Musk stock soared to levels making Tesla appear cheap.