Tesla Inc. (TSLA) subsidiary Gambit Energy Storage is developing a massive energy storage facility in Texas. Despite its uniqueness, the construction of the project is being carried out without loud presentations. How does it affect the company’s business?
In recent months, Texas has experienced one of its most challenging winters to date, contributing to creating more robust energy systems. A Tesla plant is starting construction on a 100-megawatt industrial storage facility that will be strong enough to power 20,000 homes on a hot summer day when air conditioning is being used. Throughout the store, the power will run off the central Texas grid.
This project is little known, and there are different versions of it in various publications. On the other hand, it seems apparent that the Texas power grid was experiencing a partial shutdown in February. The large storage facility will help reduce the likelihood of such a crisis.
Moreover, SpaceX and Tesla have manufacturing plants in Texas. Austin’s battery factory and Brownsville’s spacecraft development center are among EADS’ facilities that manufacture batteries and parts for electric vehicles. Houston and Austin are about 200 kilometers apart from the energy storage facility.
Thus, Elon Musk’s enterprises can maintain infrastructure sustainability through storage. In this context, it is unlikely that financial benefits will be the predominant factor in building a storage facility. The fact remains that Tesla’s advantages are evident, and it becomes the beneficiary of growing climatic anomalies.
The most recent trading session shows Tesla Inc (NASDAQ: TSLA) at around $668.06 a share, a price level meaning the company’s value is 852.98% higher than its 52-week low. The shares of TSLA reached a high of $717.85 against a low of $655.06 during intraday trading. Shares of the company have been trading between $90.40 and $70.10 during the last 52 weeks, while recent intraday trading has seen just a -0.82% intraday change.