NatPower and Tesla reach deal on first phase of 5-billion-dollar battery storage plan
UK-based energy storage company NatPower signed a 1.3-billion-dollar supply agreement with Tesla for the first phase of a 5-billion-dollar battery storage program. Under the deal, Tesla will deliver 4.2 gigawatt-hours of Megapack units to Chile, Brazil and Australia by mid-2027.
NatPower CEO Stefano Sommadossi said in London on Tuesday that the first-phase deal with Tesla marks « a turning point in the company's global role. » The 1.3-billion-dollar contract is being treated as Tesla's single largest customer contract over the past six quarters.
First-phase shipments target 1.8 gigawatt-hours of solar-paired storage facilities in northern Chile's Antofagasta region, a 1.4-gigawatt-hour project in Brazil's Bahia state, and a 1-gigawatt-hour site in New South Wales, Australia. NatPower confirmed the projects will be backed by a combined 950 million dollars in Latin American Development Bank financing.
Tesla is pursuing expansions at its Sparks, Nevada and Lingang, Shanghai plants to lift Megapack manufacturing capacity to 80 gigawatt-hours this year. CFO Vaibhav Taneja said « this contract takes the annual energy-storage revenue target to 35 billion dollars. » Tesla shares rose 2.7 percent in extended trading on Tuesday.
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