In our article about what to expect during this week’s Tesla earnings call, one of the topics we thought would come up was energy storage — Powerwalls and Megapacks — and it did. Elon Musk has said he thinks profits from the energy storage business will one day equal or exceed those from manufacturing cars and trucks.
My colleague Martin Vinkhuysen has already written about Musk’s projection that Tesla will soon be selling 1 million Powerwall residential storage batteries a year. But what slipped by during the conference call was Musk’s statement that the Megapack grid-scale battery storage system is sold out through the end of next year.
“We have a significant unmet demand in stationary storage. Megapack is basically sold out through the end of next year, I believe,” Elon Musk said in response to a question from New Street Research analyst Pierre Ferragu. That’s right. If you are a utility company or a renewable energy company that wants to add a Tesla Powerpack or two (or a hundred), get in line.
“As all transitions to sustainable energy production, solar and wind are intermittent and by their nature really need battery packs in order to provide a steady flow of electricity. And when you look at all the utilities in the world, this is a vast amount of batteries that are needed. That’s why in the long term, we really think sort of combined Tesla and suppliers need to produce at least 1,000 gigawatt-hours a year, and maybe 2,000 gigawatt-hours a year,” Musk said on Monday.
2,000 MWh? Holy anodes, Batman. Musk told those on the earnings call that Tesla expects to see a significant increase in battery cells from its existing suppliers and has contracts with them to nearly double their cell supply in 2022. It is thinking of overshooting cell supply estimates for vehicles and routing excess batteries to Megapack and Powerwall production.
Are the latest 4680 battery cells destined for energy storage purposes, asked Pierre Feragu? Is Tesla planning to share its 4680 technology with its suppliers, so they can manufacture those cells? Musk did not specifically answer that question, so draw your own conclusions.
A few weeks before the earnings call, Tesla updated the order page for the Megapack with new details and prices. It now shows the Megapack has a starting price of about $1.2 million per unit, depending on which state or US territory the installation will take place in. Potential Tesla customers can order up to 1,000 Megapacks, which would cost around $850 million. That works out to $278 per kWh installed. Related story from last October: “Tesla Megapack, Powerpack, & Powerwall Battery Storage Prices Per KWh — Exclusive.“
Is Musk’s prediction that energy storage could become a major source of income for Tesla correct? It certainly seems that way, particularly if it can obtain the battery cells it needs to meet the demand. Having enough orders to keep its energy storage division busy for the next 18 months certainly seems to be a hopeful sign and one that many analysts and Tesla watchers overlook.
Tesla’s Solar Roof may or may not ever take off, but its energy storage business is certainly in high gear. As more utility companies see their competitors adding grid-scale battery storage and reaping the rewards, business is only going to get better.
Candela, the Swedish electric boat maker known for its hydrofoil recreational boats and commercial ferries, is grabbing headlines yet again. This time the company is announcing a new C-series funding round and the first P-12 electric ferry headed to the US.
The P-12 is the company’s first operational hydrofoil electric ferry, and it builds upon the success of the C-7 and C-8 recreational speedboats.
All three employ Candela’s sophisticated computer-controlled hydrofoil technology that allows the boats to quite literally fly several feet above the water. Traveling at 25 knots (30 mph), the P-12 is the fastest electric ferry in operation, all while using a fraction of the same energy.
The hydrofoil flight results in a much smoother ride and dramatically improved efficiency. The fast-charging electric boats can thus carry much smaller batteries, making them lighter and more cost-effective. They can then quickly recharge at the dock in a matter of minutes.
The P12 hydrofoiling ferry will reduce travel times for Tahoe locals and visitors, providing a much-needed north-south connection across the lake, while also helping to cut emissions and mitigate road sediment that threatens the lake’s famous cobalt-blue clarity.
Lake Tahoe boasts over 15 million outdoor enthusiasts year-round, which has often led to severe road, especially during the winter months. The implementation of a fast and efficient new electric ferry will help avoid long car lines from snow-induced road closures, as well as grid-lock traffic during the summer months of popular biking and hiking destinations.
A local company, FlyTahoe, will offer a new 30-minute cross-lake ferry service, cutting the travel time in half compared to the daily 20,000 car trips along the same route.
In the winter, that same trip can often take over two hours due to heavy snowfall and road limitations. FlyTahoe will create a vital link to the 14 world-class ski resorts encircling the lake, making it an ideal option for both tourists and locals.
“It’s ironic that while millions, myself included, drive around Lake Tahoe to admire its beauty, the road sediment we generate contributes to the largest threat to the lake’s famous cobalt blue clarity. Our service will provide a faster transport than cars or buses, while keeping Tahoe blue,” says Ryan Meinzer, Founder & CEO of FlyTahoe.
Simultaneously, Candela is also celebrating another major milestone back home in Sweden, announcing an additional US $14M raised in its Series C round. That puts Candela’s total secured funding in 2024 at over $40 million. The investment will enable Candela to meet the soaring demand for its groundbreaking zero-emission vessels as it ramps up production of its various models now in service around the world.
“This is the dawn of a zero-emission revival in waterborne transportation,” says Gustav Hasselskog, Candela’s founder and CEO.
The new $14 million investment is led by SEB Private Equity, a global Private Equity investor, with additional participation of existing investors EQT Ventures and KanDela AB.
“This investment, made during a challenging time for many companies, is a testament to Candela’s technology and its unique ability to solve the pressing issue of decarbonizing transport,” added Hasselskog.
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Tesla says that Nissan EV drivers, or more specifically Ariya drivers, now have access to its Supercharger network in the US and Canada.
Since earlier this year and since opening its connector as a standard last year, Tesla has been increasingly onboarding more automakers on its Supercharger network in North America.
First, it was Ford, and then GM and Rivian, and more recently, Geely’s Volvo and Polestar.
Now, according to an update on Tesla’s website, Nissan is now a supported EV automaker to use Tesla’s Supercharger network with NACS adapters in North America”
As of the time of writing, Nissan has yet to make an announcement or confirm whether or not it will provide adapters to Ariya owners.
We specify Ariya owners because the electric SUV is the only Nissan vehicle that with CCS connectors and that can work with NACS adapters to see on the Supercharger network.
Unfortunately, the Nissan Leaf uses the CHAdeMO standard, which isn’t supported by the Supercharger network.
The move will give Nissan Ariya drivers access to more than 15,000 Tesla Superchargers and greatly increase access to fast-charging for the owners.
Now, it remains to be seen if the drivers will need to buy their own adapters or if Nissan plans to provide them. Automakers have all approached the situation differently and access to adapters directly from automakers has been somewhat limited.
Some EV owners have relied on third-party adapters, which are not always recommended.
After the access through adapters, the next step is direct integration on non-Tesla EVs. It’s starting soon with the 2025 Hyundai Ioniq 5, but many new EVs are expected to have the NACS as a standard charging port starting next year.
2025 is going to be a transition year for EV connectors in North America and starting in 2026, most, if not all new EVs, are expected to have NACS as standard.
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Kia debuted its upcoming 2026 EV9 GT at the LA Auto Show this morning, with upgraded horsepower for this large 3-row SUV – and promised NACS support as well.
The Kia EV9 has helped propel Kia to new heights, with impressive sales in the US for the relatively high-priced model (for what has generally been considered a budget brand).
But the EV9 has only been out for about a year now, and it’s already getting a new upgrade with a high-performance GT version.
The EV9 GT was shown off this morning at the LA Auto Show, with improved horsepower and 0-60 time and new electronic suspension, the first time it has appeared on a Kia SUV.
The EV9 GT ups power to 501hp, quite a jump from the 379hp on the current top-spec GT-Line EV9 model (yes, GT and GT-Line are different trim levels, and yes, that’s confusing). This is split into a 160kW motor in front and 270kW motor in the rear.
This is enough to push the three-row SUV to 60mph in 4.3 seconds, down from the 5.0 second mark on the current top-spec EV9.
Other performance improvement include an electronically controlled suspension which allows for damper adjustment, making for a sportier or softer ride based on your drive mode; larger front brakes to help manage all that extra power; and an electronic limited slip differential for improved cornering at the edges of grip (though I really must note that, even though high-powered EVs are quick and fun, a ~6,000lb vehicle really is not a sportscar no matter how you cut it).
The GT will come with exclusive design elements as well, like neon green brake calipers, some matching green interior accents, a GT-exclusive steering wheel, and more heavily bolstered sport seats.
Like the refreshed EV6 GT announced today, the EV9 GT will gain access to Kia’s “Virtual Gear Shift” feature. This feature “enhances driving immersion by simulating gear shifts with visuals, engine sound effects, and a tactile sensation through motor torque adjustment.”
It basically simulates the feeling of driving a manual gas car, rather than an EV – so in exchange for making your car objectively slower, you can get some silly noises and have a more complicated driving experience.
Kia’s sister company Hyundai introduced a similar feature on the Ioniq 5 N, and when I tried it there I expected to hate it. While I still do think it’s silly and unnecessary and most people will leave it off most of the time, I was impressed by how far Hyundai took it (to the point where you can’t even go past 20mph in “first gear” – the car will just whine at you and make you upshift first). We haven’t gotten to try it out in the EV9 yet, but I’m expecting it will be a similar experience. If nothing else, it is a fun party trick.
But don’t get too excited, because it’s not available right away – unlike the refreshed EV6, you’ll have to wait until the 2026 model year for the EV9 GT. Kia says that it will arrive in the “latter half of 2025,” and that it will be assembled in Korea, rather than in its Georgia factory where it started EV9 production just last month.
Kia also announced today that the EV6 will be assembled in Georgia – but that GT models would be assembled in Korea. So it’s no surprise that the EV9 GT will also see Korea production, and lower-spec models may still continue to be built in Georgia (or maybe not, given news this week about Kia pulling back production plans).
And also like the refreshed EV6, the EV9 GT will come with a native NACS port, allowing direct connection to Tesla Superchargers without an adapter. Kia says every EV9 will come standard with NACS “starting in the first half of 2025.”
We also don’t yet know pricing for the EV9 GT, but given the price premium the EV6 GT commands, we expect it will start in the high 70s.
To get more specifics on the EV9, Electrek will be roaming around the LA Auto Show today, checking out the newest of what Kia has to offer, and we’ll update you if we find out anything new.
If you’d like, you can use our affiliate link to get in touch with your local dealers about the Kia EV9… though you’ll be waiting a few months if you want to get the GT model.
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