NatPower Reaches Agreement With Tesla to Build 25 GWh Battery Storage Facilities in Italy and UK
TradingKey - On June 23, Eastern Time, independent energy company NatPower reached an agreement with Tesla ( TSLA) to build 25 GWh (gigawatt-hour) battery energy storage facilities in Italy and the United Kingdom.
The 25 GWh project represents the first phase of the expansion plans for both parties, with an ultimate goal exceeding 100 GWh and an estimated total construction cost of $4 billion to $5 billion.
Under this multi-year agreement, NatPower will deploy Tesla Megapack battery energy storage systems and utilize Tesla's electricity trading technology to manage the timing of power purchases and sales. The first phase will construct five projects. The two companies project the project will generate more than $15 billion in revenue over 20 years.
NatPower CEO Fabrizio Zago said: The industry has the technology and capital, but still faces challenges in delivering infrastructure on time and consistently. "What we have created with Tesla is an ecosystem that aligns capital with execution, and it can be replicated across multiple markets."
On June 22, Tesla shares closed at $405.05, up 1.14%, with a market capitalization of approximately $1.52 trillion. In pre-market trading on June 23, as of press time, Tesla was trading at $390.69, down 3.55%.
[Source: TradingView]
About NatPower
Founded in 2019, NatPower focuses on the development of renewable energy infrastructure. With offices in Luxembourg, Milan, London, Washington, D.C., and Almaty, its operations span Italy, the UK, the US, Canada, and Kazakhstan. Its technological expertise covers solar, wind, battery energy storage, hydrogen, and hydropower, with a global project pipeline exceeding 24 GW, serving corporate clients, utilities, and investors.
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