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Tesla is releasing a new industrial powerpack, the Megapack, as it sets about spurring more growth in the battery storage industry.

The Megapack will roll out of Tesla factories with up to 3 megawatt hours of storage and 1.5MW of inverter capacity.

Tesla said this is effectively a 60 percent jump in energy density compared to other battery systems and fossil fuel power plants.

It said by using the new Megapacks, it would conceivably be able to deploy an emissions-free 250MW, 1 GWh power plant in less than three months on a three-acre (1.2 hectare) footprint.

The Megapacks can also be hooked up directly to solar.

They were built using the knowledge accrued from the development of the world’s largest lithium-ion battery in Hornsdale in South Australia.

The new Megapacks will be deployed as part of Pacific Gas and Electric’s Moss Landing 567MW natural gas plant, where they will effectively act as a ‘peaker’ — firing up when the local utility grid can’t generate enough to meet demand.

It’s a further sign that the power storage revolution is coming, and to a certain extent, arrived.

Tesla now boasts that through its Powerwall and Powerpack technology that it has installed 2GWh of cumulative energy storage — 1GWh of that coming in just the last year.

Given the Megapacks run off lithium-ion packs, the increasing use of the technology in grids creates opportunities for lithium suppliers.

Australian investors have access to a number of emerging and current producers on the ASX.

For example, AVZ Minerals (ASX:AVZ) is focused on the world’s largest lithium-rich LCT (lithium, caesium, tantalum) pegmatite deposits, in the Democratic Republic of Congo.

A new scoping study, released in May this year, indicated the project could have a net present value (minus 10 percent) of $US2.6 billion ($A3.77 billion)

Meanwhile, Infinity Lithium (ASX:INF) has its sights squarely set on the European market through the development of its San Jose project in Spain.

The project will be developed by open pit methods with the ore treated and refined onsite to produce high quality, battery grade lithium hydroxide.

 

Star Investing has a commercial partnership with some companies mentioned in this article. This content does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.