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Tesla, Inc. (NASDAQ:TSLA) shares are trading higher today after the Austin, Texas-based company inked a contract with Intersect Power.
The agreement is for 15.3 GWh of Megapacks, to be used for solar and storage projects through 2030.
The agreement makes Intersect Power one of the largest Megapack operators globally, with nearly 10 GWh expected by the end of 2027.
Tesla has previously supplied Megapacks for Intersect Power’s Base Portfolio, totaling 2.4 GWh.
By 2027, over half of the new Megapack order will be used for four projects in California and Texas, including some of the largest battery installations in the U.S.
The rest will support Intersect Power’s projects coming online between 2028 and 2030.
The Megapacks for Intersect Power projects are set for delivery in 2025 and 2026, and will be produced at Tesla's Megafactory in Lathrop, California.
Mike Snyder, Senior Director of Tesla Energy said, "This partnership is the foundation of one of the largest and fastest growing storage portfolios in the country here at Intersect Power.”
“This storage franchise is the perfect complement to our multi-billion dollar expansion of renewable generation that is expected to more than triple the size of our company over the next three years."
Yesterday, Tesla extended its delivery wait times for its Model 3 sedan in China, with the new expected wait time for all three variants now being 3-5 weeks, up from the previous 2-4 weeks.
Tesla stock has lost more than 11% in the last 12 months. Investors can gain exposure to the stock via two ETFs: the Consumer Discretionary Select Sector SPDR Fund (NYSE:XLY) and the Fidelity MSCI Consumer Discretionary Index ETF (NYSE:FDIS).
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Price Action: TSLA shares are up 0.69% at $250.21 at the last check Thursday.
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