Tesla (NASDAQ: TSLA) has reported a more than 30% year-on-year increase in battery storage deployments, with executives noting that the company planned to continue to grow its energy storage business this year. The company’s quarterly financial results were released last week showing its annual performance across its energy and automotive sector businesses.
In 2021, the company produced and delivered almost one million cars, with PV Tech, the company’s sister site, reporting that 2021 was its best annual performance for solar installs in five years. With regard to battery storage, the company deployed 978MWh during the fourth quarter of last year, which was a slight drop from the 1295MWh deployed in 2021’s third quarter and a bigger dip from the 1580MWh of Megapacks and Powerwalls Tesla deployed in Q4 2020, across the utility-scale, industrial and residential sectors.
Despite this slight decrease, annual figures show that the company made 3991MWh of energy storage deployments last year, which is higher than its 2020 deployment of 3021MWh. In addition to the 32% year-over-year growth, last year’s figures are more than twice the company’s 2019 figure of 1650MWh and a significant increase from its 2017 total of 357MWh.
Tesla executives stated that the demand for energy storage was significantly above capacity. Various constraints in different lines of business also caused supply chain issues, which impacted all manner of industries around the globe.
Tesla senior VP Drew Baglino, CFO Zach Kirkhorn and CEO Elon Musk have all stated in prior interviews that coronavirus-related delays and chip shortages were the main constraints that impacted the company. With regard to stationary storage, Musk revealed that the company’s Powerwall and Megapack would likely transition away from nickel to iron-based chemistry battery cells because iron is an abundant metal.
Musk explained that the availability of manganese in the future was questionable, noting that the company’s electric car business was prioritized last year for materials supply. Musk added that the company’s primary mission was still to accelerate the use of sustainable energy.
In an interview, Kirkhorn noted that Tesla’s 2022 plans for Megapack and storage in general were ambitious, noting that the business segment was expected to grow at a rapid rate. Last year, Tesla broke ground on a 40GWh production factory for Megapack in California.
Other Megapack projects include a 100MWh BESS project, which started operations in September, and a 198MWh project currently being constructed by Fotowatio Renewable Ventures and Harmony Energy in the United Kingdom.
Clearly energy storage is a priority. The rate at which companies such as StorEn Technologies Inc. are investing in novel battery chemistries shows that in the years to come, utility-scale operators will have many options to choose from as the shift to net-zero gains momentum.
NOTE TO INVESTORS: The latest news and updates relating to StorEn Technologies Inc. are available in the company’s newsroom at https://ibn.fm/StorEn
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