Tesla will announce plans this week for a new energy storage product, which CEO Elon Musk termed a "major new product line." It may allow consumers and businesses to discharge energy from a battery as opposed to the grid.
Deutsche Bank analyst Rod Lache was reluctant to give concrete expectations on stationary storage. He noted, however, that the opportunity was abundantly clear, especially in light of plans Tesla has for its Reno, Nev.-based Gigafactory, which is slated to store 15 gigawatt hours worth of stationary batteries. "The bull case would be that this business could potentially add $5 to our 2020 EPS estimate of $20," Lache wrote in a note earlier this week.
On a February earnings call, Musk stated Tesla would have something to show relatively soon related to energy storage.
"We're going to unveil the Tesla home battery, or the sort of consumer battery that will be for use in people's houses or businesses, fairly soon," Musk said. "We have the design done and it should start going into production probably in about six months or so. We're trying to figure out a date to have the product unveiling, but it's probably in the next month or two months."
TheStreet will be live-blogging the event, starting at 11 p.m.