Shanghai, June 21 -- US car maker Tesla on Friday inked a deal with Chinese partners to build a grid-side energy storage station in Shanghai using its Megapack energy-storage batteries.
The deal, with a total investment of 4 billion yuan (USD 556 million), marked Tesla's expansion into China's burgeoning energy storage market, paving the way for its facility to connect with the country's vast power grid, the largest in the world.
The gigawatt-hour-scale energy storage station is to be located in the Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone, as per the deal signed by Tesla, the administrative committee of the Lin-gang Special Area, the people's government of Shanghai's Fengxian District, and China Kangfu Intern...