Tesla finalizes a $557 million agreement with Shanghai for the construction of an energy storage station, according to Yicai's report.
In a significant development for Tesla's project in Shanghai, a deal worth 4 billion yuan ($556.8 million) has been signed on Friday, June 20. The deal, which involves an investment in Tesla's Shanghai battery megafactory, was reported by local media Yicai and a news organization adhering to the Thomson Reuters Trust Principles.
The deal will see the construction of an energy storage station in Shanghai, marking Tesla's first China grid-scale battery storage station. The station will utilise Tesla's Megapack batteries, a testament to the company's commitment to sustainable energy solutions.
The financing for this ambitious project comes from local investors in Shanghai, collaborating with Tesla for the supply of the Megapack systems. The exchange rate used in the deal is 1 USD equals 7.1840 Chinese yuan.
The news reporting on this energy storage station deal between Tesla and Shanghai originates from the Beijing newsroom. The source of the report is Yicai, edited by Jacqueline Wong.
The location of the energy storage station, as part of Tesla's project in Shanghai, remains in Shanghai, China. The deal for this project was signed between Tesla, China Kangfu International Leasing Co, and the Shanghai local government.
This deal comes after Tesla's megapack battery production began at its battery megafactory in Shanghai in February. The news reporting on the deal was published by a news organization with a focus on the latest Batteries News shaping the battery market.
As Tesla continues to expand its operations in China, this energy storage station deal marks a significant step forward in the company's commitment to providing sustainable energy solutions in the region.
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