Tesla Inc. (NASDAQ: TSLA) and PG&E received the approval from county planners to build a massive battery farm in Monterey, California.
What Happened
Tesla will work with PG&E Corporation (NYSE: PCG), or the Pacific Gas and Electric Company, to build the world’s largest battery facility able to store energy generated by both solar and wind power.
Monterey County Planning Commission has unanimously approved the Tesla-PG&E joint venture, according to the local broadcaster KSBW8.
The Moss Landing Power Plant will serve as the base for the renewable energy facility to be developed jointly by both companies. The battery farm will utilize lithium batteries to store energy and transmit power to areas of Monterey County and parts of Silicon Valley.
Why It Matters
California’s Renewables Portfolio Standard program mandates that 60% of the energy generated in the state be from renewables by 2030, and 100% electricity be derived from carbon-free resources by 2045.
Tesla has worked with PG&E on smaller power storage projects in the Sacramento area in the past.
What Else Is There
Tesla and Panasonic Corp (OTC: PCRFY) have ended their partnership to manufacture solar energy-harvesting roof tiles in its Gigafactory 2 located in New York state.
Price Action
Tesla shares traded 3.53% lower at $655.02 in the after-hours session on Thursday. The shares had closed the regular session 12.81% lower at $679.
PG&E shares traded 2.69% lower at $15.89 in the after-hours session on Thursday. The shares had closed the regular session 2.33% lower at 16.33.
