Tesla received a $30 million order for energy storage systems from Nofar Energy. The Israeli company believes that this energy storage system will allow them to build a solar project that provides at least 100 megawatts of electricity.
Israeli renewable energy company Nofar Energy has filed a report with the Tel Aviv Stock Exchange (TASE) that it has signed a strategic agreement with Tesla. The agreement includes a $30 million purchase of Tesla's big storage batteries for the company's new project. Nofar has already paid a deposit of 5% of the deal value to Tesla upon signing the agreement, Globes reports.
Nofar Energy is a global green tech company that operates throughout the entire value chain for promoting initiatives that yield economic and environmental value. Nofar believes Tesla's energy storage system will enable them to build a solar panel project that provides at least 100 megawatts of electricity. The company estimates the storage facility will allow building a solar power system capable of generating 150 megawatts.
Nofar Energy expects the storage system to generate revenue of NIS 534 million (about $161.87 million), including annual electricity sales of NIS 50 million (about $15 million) and service revenue of NIS 10 million (about $3 million) for solar energy systems.
Last week, Nofar opened its first electricity storage facility in Israel near the border with the Gaza Strip. The new facility will generate a total of 3.22 megawatts per hour and will be operational in the coming weeks. Nofar plans to build a photovoltaic system next to it to provide an additional 2.8 megawatts. Storage systems create great flexibility for Israel's power grid and can provide electricity both day and night.
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