Tesla Secures Largest-Ever Megapack Contract With Intersect Power Worth Over $3 Billion

Tesla’s electric vehicles (EVs) have been making headlines but the company has made a new achievement in the energy storage sector by securing its largest-ever Megapack contract with Intersect Power.

The agreement involves the supply of 15.3 gigawatt-hours (GWh) of Tesla’s Megapack battery energy storage systems to Intersect Power through 2030. According to Intersect Power, this massive contract valued at over $3 billion, positions Intersect Power as one of the largest buyers and operators of Megapacks globally. The company projects to deploy nearly 10 GWh of large-scale energy storage by the end of 2027, with the full 15.3 GWh to be supplied by 2030.

Sheldon Kimber, CEO of Intersect Power, expressed the importance of the partnership stating, “No one in the market can match Tesla’s depth of experience in storage technology. This partnership is the foundation of one of the largest and fastest-growing storage portfolios in the country here at Intersect Power.”

The scale of this project is special when compared to Tesla’s recent achievements in energy storage deployment. In Q2 2024, Tesla deployed a record 9.4 GWh of energy storage globally, doubling its previous record. Yet, the new contract with Intersect Power exceeds this figure.

Tesla & Intersect Power Partnerships

Moreover, this is not the first time the two companies collaborated. Tesla previously supplied Megapacks for 2.4 GWh of Intersect Power’s solar and storage plants that are either operational or under construction. These include projects in California and Texas, such as the 1 GWh Oberon solar and storage plant and the 448 MWh Athos III plant.

Notably, Intersect Power aims to utilize over half of this new order for four projects in California and Texas, expected to be operational by the end of 2027. As these massive energy storage projects come online, they will play a critical part in enhancing grid resilience and supporting the integration of more renewable energy sources including electricity.

The new Megapacks are scheduled for delivery in 2025 and 2026 and will be produced at Tesla’s Megafactory in Lathrop, California.

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