Tesla caused two-thirds of my personal and professional pain

Elon Musk, founder of SpaceX and CEO of Tesla Inc., arrives at the Axel Springer Award ceremony in Berlin, Germany, on Tuesday 1 December 2020.

Johannssen-Koppitz Church | Bloomberg | .

Tesla CEO Elon Musk said Wednesday that his electric vehicle and solar business he could help bitcoin miners switch to renewable energy, but it is currently limited by poor supply of battery cells.

he also acknowledged that Tesla is not yet producing its custom designed 4680 cell products for commercial use in auto electrical or energy storage systems yet.

The comments came during an appearance at the B Word Conference, which was focused on bitcoin and other cryptocurrencies. During a panel, Piazza Cripto lead Steve Lee asked Musk what is energy intensive bitcoin industry can do “to accelerate the transition to renewable energy” and “could Tesla Energy play a role? “

Musk replied: “Well, I think Tesla can play a role. “

Then, the 50-year- the old CEO intervened in a moment of reflection, implying that the whole of Tesla reason for existence was to transition the world to clean energy.

“I’d say I’ve had some pretty tough life experiences and probably that of Tesla Tesla responsible for two-thirds of all the personal and professional pain combined for give you make sense of perspective there. “

Tesla’s energy business

Tesla has been selling commercial and residential solar installations since the acquisition of SolarCity in 2016 for about $ 2.6 billion, a deal that brought Musk in a Delaware court this month.

But before it entered the solar business, Tesla created and started selling energy storage products in 2015, including a backup battery for homes called Powerwall, and as large batteries as they can store solar or wind energy generated in intermittently so it is available for use every time the utilities need it.

Tesla installed a number of these large-scale energy storage systems, Musk reminded his audience on Wednesday, they helped utilities with “network load leveling”, included in South Australia and elsewhere. But he noted that battery production was currently binding production.

“In fact the limiting factor for us in this moment is the production of cells. then us need both to produce our Tesla internal battery cells in-house, and to increase supply from suppliers. “

Moss also repeated that even once Tesla will be in able to manufacture their own battery cells, will still rely on on other battery manufacturers. His current cell suppliers include Panasonic, LG and CATL.

“Generally when I talk to our suppliers and they tell me ‘how many cells would you like? like? ‘ I say ‘how how many cells can you make? ‘ you know ’cause sometimes they are concerned, Tesla stands for? compete with their on cells? I’m like no no, if you want to ensure that the cells are our guests. His just that we need a crazy number of batteries. “

In a Exchange on Twitter with fans after bitcoin conference, Musk wrote that Tesla still has “not quite finished” to get to “production in series” of its custom-designed 4680 battery cells.

he also acknowledged that Tesla sold Maxwell Technologies’ ultra-capacitor business and more assets to a San Diego-based startup called UCap Power, led by Gordon Schenk, formerly Tesla vice president of sales for is Maxwell division.

Tesla initially acquired Maxwell in 2019 in an appreciated deal over 200 million dollars. Exactly terms of the sale to UCap Power Inc. has not been disclosed, but could be discussed when Tesla holds its second-quarter earnings call on Monday 26 July.

Finally, at The B Word conference, Musk said that energy storage systems, combined with solar and wind weren’t the only ways to transition bitcoin to cleaner energy. It approved existing hydroelectric, geothermal and nuclear power for reduce environmental impact of bitcoin extraction.

“My expectation is not like that energy production must be as pure as beaten snow, but it is also it can not be using the world is the dirtiest coal it was for a moment there. So.you know, that is just difficult for Tesla a support in that situation. I think for a long time-term renewable energy will actually be the cheapest form of energy, it is just it doesn’t happen overnight. “

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