Courtesy of Benzinga.
Tesla Motors Inc (NASDAQ: TSLA) sold off about 2.7 percent Thursday ahead of its highly-anticipated announcement. In pre-market trading, the stock has rebounded to gain back some of those losses. Shares were last up 1.1 percent at $228.60 as Tesla unveiled a home battery Thursday night.
Benzinga covered the announcement, but here is a recap heading into Friday’s session:
- In its press kit, Tesla added that it is "not just an automated company" but "an energy innovation company."
- The Tesla Powerwall "is a rechargeable lithium-ion battery" designed to backup power, store solar energy and shift load at a residential level. The battery will start shipping in three to four months, ramping slowly.
- The Powerwall comes in 10 and 7kWh versions, with the 10kWh version costing installers $3,500 and the 7kWh version costing $3,000, including the inverter and installation.
- Musk argued that having solar panels and the Powerwall will allow users to go completely off the electric grid.
- Aesthetically, the Powerwall fits within Tesla's theme of sleek design. Musk said that the battery "looks like a beautiful sculpture on the wall" and that it will be sold in many different colors.
- Tesla is partnering with three companies – TreeHouse, SolarEdge and Green Mountain Power – at the start. TreeHouse will help Tesla sell the battery; SolarEdge and Tesla collaborated on the PV storage and backup power solution; and Green Mountain Power will bring the home battery to homes in Vermont.
- Tesla also announced corporate partnerships, including with Target Corporation (NYSE: TGT) and Amazon.com, Inc. (NASDAQ: AMZN).
Posted-In: Elon Musk Powerwall Stationary Storage TeslaPre-Market Outlook Movers Tech
