Tesla Secures $413M Contract For Megapack Energy Storage Facilities In Massachusetts
Portfolio Pulse from Benzinga EV Insights
Tesla has secured contracts worth approximately $413 million to install 218 Megapacks in two energy storage facilities in Massachusetts. The facilities, named Cranberry Point Energy Storage and the Medway Grid, received the final ruling approval on June 30. The approval from the Massachusetts Energy Facilities Siting Board circumvents previous verdicts that denied the facilities' construction.
July 18, 2023 | 4:15 pm
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Tesla's new contracts for energy storage facilities in Massachusetts could boost its revenues and strengthen its position in the energy storage market.
The secured contracts worth $413 million represent a significant revenue opportunity for Tesla. Moreover, the approval of the facilities' construction strengthens Tesla's position in the energy storage market and demonstrates the viability of its Megapack technology.
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