Israel’s Nofar Energy has announced it will be expanding its deal with Tesla for battery storage, spending an extra $54 million to get 200 megawatts of storage, reports Globes.
Back in March, Nofar Energy bought 100 megawatts of battery storage from Tesla for $30 million. This purchase was to allow Nofar to build a solar energy system to supply up to 150 megawatts.
Upon signing the deal, Nofar will pay 5% of the amount owing to Tesla, and the rest when certain milestones have been reached. The battery storage systems will be supplied by Tesla from January 2023 to March 2024.
“Having projected the upcoming shortage of the power grid in extensive areas over a year ago, we prepared accordingly with professional capabilities and control systems, pilots, and strategic collaboration agreements with equipment makers and suppliers,” said Nofar CEO Nadav Tenne.
“As a result, we can leverage the partnerships we put in place to build and connect tens of storage facilities with significant capacity over the next 12 months. These facilities will generate revenues from power sales, enabling the construction and connection of tens of additional solar systems at high rates independently of the grid’s resources,” added Tenne.
The Nofar Energy CEO said the company plans to also start similar storage facilities through its platforms in Europe and the U.S., adding “we are proud to be the leaders of Israel’s power storage revolution.”
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