Can Elon do it Again?
Elon Musk is changing the world. The visionary South African-born entrepreneur has radically changed the transportation sector through his groundbreaking companies Tesla and SpaceEx. His solar leasing company, SolarCity, is delivering affordable solar solutions to homeowners across the country. Now, Musk is poised to deliver a sea change in the battery industry, opening the door to massive advancements in clean technology.
Inadequate storage technology, namely batteries, has been the main bottleneck in preventing price parity and full scalability of electric vehicles, renewable energy systems, and other clean technology innovations. Musk may become the heartbeat of colossal transformation in the battery sector: he has committed to invest $5 billion to develop a battery “gigafactory”. Scheduled to open in 2017, the gigafactory will have the capacity to double the current global production of lithium-ion batteries, catapulting the U.S. into a commanding industry leadership position (with production levels higher than China, Japan, and South Korea combined).