Tesla's Mystery Product May Be Battery Power For Your Home
PALO ALTO (KCBS) - Tesla shares (TSLA) are getting a charge from a Bloomberg report that the company will unveil a home battery and a large-scale utility battery, at an event at its Hawthorne design studio next week.
Bloomberg got a hold of an email from Tesla's investor-relations chief saying the company will explain the benefits of Tesla's solutions compared to battery options in the past.
There has been speculation that Tesla will look to challenge the traditional utility power grid with home and utility batteries, and a research note from Deutsche Bank says Tesla could be at the forefront of an energy storage market that could triple to six billion dollars in sales by 2020.
There is some speculation that this is the product Musk was hinting at when he Tweeted late last month that the company would be unveiling "not a car" on April 30th.
TSLA was up more than 5% on the report.