Tesla's Gigafactory paves the road to the renewable energy future
Facebook/Tesla Motors
Elon Musk just unveiled details of Tesla's "Gigafactory" — a giant-scale battery manufacturing facility that will pump out huge quantities of lithium ion batteries, as used in Tesla's electric vehicles.
This should mean cheaper batteries in electric vehicles.
But, as Business Insider's Rob Wile argues, it probably has equal and possibly greater significance for renewable energy storage:
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This could be explosive news for traditional power companies. With solar energy already falling rapidly in price — and set to match coal on price in the next decade — reliable, cheap battery storage is the final piece in the renewable energy jigsaw puzzle.
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John Aziz is the economics and business correspondent at TheWeek.com. He is also an associate editor at Pieria.co.uk. Previously his work has appeared on Business Insider, Zero Hedge, and Noahpinion.
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