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Tesla Motors (TSLA) Powerwall Inspires Stellar Orison Kickstarter Campaign

Tesla Motors Inc. (TSLA) Powerwall

Tesla Motors Inc Energy introduced the Powerwall to significant fanfare last year. The company’s move into the energy space is succeeding much like it has in the auto space. Tesla’s Roadster, Model S, Model X and upcoming Model 3 for the mass-market have shown that auto world is ripe for a big move toward EVs. The firms lesser known unit is known as Tesla Energy. Tesla Energy is focused on improving power use in homes and businesses.

Tesla Motors Inc. (TSLA) Powerwall

Last year, Tesla Energy introduced the Powerwall – The Powerwall “is a home battery that charges using electricity generated from solar panels, or when utility rates are low, and powers your home in the evening when the sun is out or when utility rates are high”. Tesla has seen huge interest in the Powerwall and the firm has started working on Version 2.0 of the Powerwall as the demand outstrips its supply.

Tesla Powerwall has a new nimble rival

Tesla’s success in the electric vehicle market has encouraged many other companies to follow – now, tech firms such as Google and Apple are working on building their own self-driving EVs. Traditional automakers such as GM and BMW are also building EVs. Tesla ‘s success in the energy storage market has also attracted new entrants and Gizmodo reports that a Kickstarter project launched earlier this month is shaping up to be a rival to Tesla’s leadership in the energy storage market.

The Orison home battery is a Kickstarter project sporting a 2.2 kWh battery pack with a constant flow of 1.8 kWh. The Orison home battery comes in two form factors – the first design is a wall-mounted device similar to Tesla Powerwall, the second design is a tower that looks like a minimalist hi-fi speaker. The Orison home battery is already gaining traction on Kickstarter, the project has raised $276,247 in support 452.49% above its $50,000 target.

Apart from the fact that Orison home battery stacks up against Tesla Power wall in design, Orison also sports decent capacity. With its 2.2kWh and constant flow of 1.8kWh, Orison can supply enough power for a laptop, AC unit, and a TV set for six hours. The best part is that Orison is much cheaper than the Tesla Powerwall. For instance, the wall-mounted version will retail for $1,600 while the version with the tower form factor will retail for $1,950.

Tesla is still the undisputed market leader

Tesla has recorded impressive success with the PowerWall – the Powerwall is already sold out in the U.S. and new buyers can only reserve the batteries. In the words of Elon Musk, “We’ve got the Tesla Powerwall and Powerpack, which we have a lot of trials underway right now around the world. We’ve seen very good results… We’ll be coming out with version two of the Powerwall probably around July, August this year, which will see further step change in capabilities.”

The Powerwall also turned out to be a major hit in Australia after Elon Musk announced the solar-powered home battery in April 2015. For instance, Chris Williams, managing director at Natural Solar who partners with Tesla in Australia to install the Powerwall says “the response since we announced it has been unprecedented, and that has flowed through to a large number of orders… the honest truth is the growth year on year is going to be a quantum leap.”

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Victor Alagbe is a seasoned business and finance writer with a specialty in writing about how to invest for the long-term in healthcare, pharmacology, energy and tech stocks. His long-term focus is on stocks that provide a nice mix of growth and income. For the short term, he passionately writes about trading stock options for the excitement and leverage that stock options offer.