Tesla Enters Energy Storage Business, Unveils Batteries for Homes

Tesla Motors (TSLA) is moving into the energy storage space, announcing a slew of energy efficient batteries for homes and businesses, in an event on Thursday night. Its main residential battery is called the Powerwall Home Battery, a lithium-ion unit priced at $3,000 for 7-kilowatt-hours and $3,500 for 10 kilowatt-hours. The device aims to provide energy during power outages and helps consumers save on electric bills. At six-inches thick and four-feet in height, users can mount the battery on the wall with the goal of eventually taking the home off of a city's power grid. The batteries are slated to ship towards the end of the summer. Tesla has already partnered with major companies like Target (TGT), which will use the industrial version of the battery in select stores. Amazon (AMZN) has also been working with Tesla to explore how the batteries may help drive efficiency in its Amazon Web Services data centers.