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Tesla has released its earnings report for the 4th quarter of 2020 as well for the fiscal year 2020. Among the amazing records the company has achieved is another one for sustainability and energy storage. In the report, Tesla noted that its energy storage deployments grew from 2019 to 2020. “For the first time, our total battery deployments surpassed 3GWh in a single year, which is an 83% increase compared to the prior year,” Tesla’s report stated.

The source of this increase comes from demand for Tesla’s Megapack, which is its utility-scale storage product. Powerwall demand has also increased and is continuing to grow. “While we have made progress on production, we should see even further increases in supply in the next few months,” Tesla said. Due to backlog, its energy storage business has been supply constrained, yet Tesla is aiming to increase capacity for both its manufacturing of the equipment as well as the supply chain. This will enable Tesla to grow at a similar pace for the upcoming year.
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