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Tesla, PG&E are paving the way for ‘milestone’ energy storage

Tesla Inc. TSLA,
+ 2.13%
and PG & Electric Corp. PCG,
+ 1.90%
broke ground last week on a lithium-ion battery energy storage system at a PG&E electrical substation in central California’s coast, the companies said in a statement calling the facility a “milestone.” The system will be designed, built and maintained by both companies and owned and operated by PG&E, they said. Construction is expected to continue early next year, with the aim of powering it in early 2021 and becoming fully operational in the second quarter of 2021. -ion ​​battery storage systems in the world, “said the companies. Stationary energy storage systems help smooth out peaks and dips in power grids and make the grid more reliable. Tesla shares rose nearly 2% and PG&E shares rose around 1 on Wednesday % in afternoon trading.