Deal includes 25 GWh of storage in Italy and Britain, aiming to support renewable energy integration across Europe.
Tesla and independent energy firm NatPower have agreed to develop 25 gigawatt hours of battery storage in Italy and Britain, marking the first phase of a $5 billion initiative. The project aims to address Europe’s need for storage solutions to balance intermittent renewable energy sources.
The multiyear agreement will utilize Tesla’s Megapack battery systems and trading technology to optimize electricity buying and selling. Five initial projects are planned, with a long-term goal of exceeding 100 GWh of storage capacity, costing $4 billion to $5 billion to construct.
NatPower said the partnership could generate over $15 billion in revenue over 20 years, citing alignment between capital and execution as a key advantage for scaling infrastructure.