Israel’s Nofar Energy picks Tesla for $30 million battery storage project

Nofar Energy
Image via Nofar Energy

Nofar Energy has placed a big order with Tesla for battery storage systems which will help capture energy from solar installations around the country.

The Israeli company revealed the deal in a filing with the Tel Aviv Stock Exchange, saying it has signed a strategic agreement with Tesla. Nofar will pay $30 million for the batteries, with 5% already transferred as a deposit.

Under the agreement, Tesla will provide Nofar with 100 megawatts of electricity storage systems for the next two years, with a possibility for extensions. With the Tesla batteries the company estimates it will be able to build a solar energy system capable of generating 150 megawatts.

The project will generate an estimated NIS 534 million ($162 million) in revenue. This includes about NIS 50 million ($15 million) in annual electricity sales and another NIS 10 million ($3 million) in service revenue.

According to Nofar chairman Ofer Yannay, the storage systems create greater flexibility for Israel’s electricity grid and can supply electricity for an entire kibbutz day and night.

The company inaugurated its first electricity storage facility in Israel last week. The facility will generate 3.22 megawatts per hour and will be turned on in the coming weeks.

Source: Globes

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About Mike Flemming 784 Articles
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