BayWa r.e. collaborates with Tesla (TSLA) to offer Powerwall to growing installation network

May 30, 2023 1:10 PM EDT

International renewable energy supplier, BayWa r.e. announced Tuesday that the German-based company has entered into a “First of its kind” collaboration with Tesla (NASDAQ: TSLA) to include the electric automaker’s Powerwall through BayWa r.e. Solar Systems, the company's distribution arm in the United States.

BayWa r.e. plans to introduce the Tesla Powerwall in California, with intentions to broaden its availability to additional states across the U.S. in the following months. The Tesla Powerwall serves as a rechargeable battery storage system, effectively reducing reliance on the utility grid by storing surplus energy generated by solar systems. This stored energy can then be utilized during times of reduced production, such as nighttime or instances of power outages.

"The addition of Tesla Powerwall marks an exciting milestone in our commitment to advancing the future of energy," said David Dunlap, VP of Product Strategy at BayWa r.e. Solar Systems, LLC. "By adding Powerwall to our best-in-class storage technology suite, our solar install partners can unlock self-generation for American homeowners all while reducing their electric bill and carbon footprint. We are excited to be chosen to collaborate in this effort."

Shares of TSLA are up 3.19% in mid-day trading on Tuesday.

By Michael Elkins | [email protected]

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