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xcel Energy, the parent company of Xcel Energy and SolarCity, is looking to be one of the first companies to break into the U.S. market when it launches its own energy storage company, XcelPower.
The announcement came as part of the company’s quarterly earnings call on Wednesday.
The announcement came after the company said it was in discussions with an unnamed third-party investor, but declined to disclose the terms of the talks.
XcelPower will have a battery system that will be designed for use with electric vehicles and hybrid vehicles, and it will offer the ability to store and recharge electric vehicles at night.
“The first and most important step will be the introduction of XC Power.
Its unique technology will enable a new era of energy storage,” said Michael Hsieh, chief executive officer of Xctom, in a statement.
“XC Power will provide a more sustainable and resilient storage solution that will significantly reduce the amount of power needed for our customers’ electric vehicles.
We believe this technology will significantly improve the cost of energy for our electric vehicles, while improving the performance of our vehicles in the field.”
XcPower is expected to have a range of 100 miles and a price of $25,000 per month.
In the U, Tesla is already one of several companies that are making an effort to catch up to the market for storage technology.
Last year, it announced it had purchased an 8,000 megawatt battery for its Supercharger network, a project that will provide free charging for some drivers who use the Tesla Model S and X.
Tesla said it plans to deploy about 20,000 of the batteries on its Supercharging network by the end of 2021, with more than 100 million Superchargers currently in use.
A Tesla spokeswoman declined to comment.
XcelEnergy said the company plans to start selling its energy storage system later this year, but did not specify a specific date.
Shares of XCTower rose 6.5% to $9.95 in premarket trading.