Tesla has signed a contract to build an energy storage plant in Shanghai, valued at $556 million, using Megapacks.

Tesla has announced the construction of an electricity storage power plant in China, valued at 4 billion yuan (about 556 million dollars), in collaboration with local authorities and China Kangfu International. The project will use Megapacks, battery units with a capacity of 1 megawatt, to stabilize power grids. It will become the largest energy storage unit in China amid growing demand for storage solutions. Tesla is working with CATL to deliver components, strengthening its presence in the Chinese market.