Tesla Motors Inc (NASDAQ:TSLA) and other companies which have sparked the rise of the electric car, as well as new developments unorthodox energy production, are driving the energy storage market, Logan Goldie-Scot expressed in a discussion on Bloomberg’s The Pulse.
Tesla Motors Inc (NASDAQ:TSLA), founded by CEO Elon Musk, has long been regarded as the company which made electric cars sexy. It successfully sells the Model S after the Telsa Roadster was discontinued. Future models include the Tesla Model X and the Tesla Model 3.
Goldie-Scot was asked in the interview what is driving the momentum behind the energy storage industry. He explained that the current paradigm of looking at the energy storage industry as a dichotomy between stationary and mobile applications should be changed to viewing the industry as one.
According to the Bloomberg reporter, there really are a lot of synergies between the stationary energy storage market and the mobile energy storage market. Furthermore, he noted that in the first half of this year alone, $2.5 billion were invested in those markets.
These storage solutions are mainly lithium ion batteries, the duo noted, that power electric vehicles such as those produced by Tesla Motors Inc (NASDAQ:TSLA). Goldie-Scot also agreed that as production of electricity goes beyond the conventional means our society has grown accustomed to, these types of batteries will see more demand.
According to the correspondent, investors are expecting electric vehicle sales such as the cars Tesla Motors Inc (NASDAQ:TSLA) makes to increase from 200,000 units in 2013 to 1.2 million units in 2020. Furthermore, he said that investors in the energy storage industry are also expecting stationary energy storage sales to increase 9-fold up to 2020.
Asked whether there will be enough capacity to meet this demand, Goldie-Scot noted that companies are already making steps to solve this problem. He noted that Tesla Motors Inc (NASDAQ:TSLA) is, for example, in the process of building a very large factory to make batteries for its electric vehicles.
Watch the interview below.