Tesla Inc. (NASDAQ:TSLA) has commenced preliminary work to build a new solar energy manufacturing facility around Houston, Texas, committing over $10 billion to the endeavor.
Tesla’s ‘Project Crystal Sun’
In a post on the social media platform X on Monday, influencer Sawyer Merritt quoted user S.E. Robinson Jr., who shared a video of the purported site near Houston for the facility. “Construction is expected to finish in 2028, with commercial operations starting in Q1 2029,” Merritt said.
The factory would be able to generate close to $6.4 billion in state and local taxes, Merritt said, adding that it would be “vertically integrated” and manufacture wafers and ingot, as well as conduct cell testing. CEO Elon Musk quoted Merritt’s post on X, confirming the project. “Project Crystal Sun,” the billionaire said in the post.
Tesla had estimated that the facility would be able to generate over 9,000 permanent jobs once it becomes operational. The facility could become a crucial element of Musk’s push to build 100 GW of annual U.S. solar manufacturing capacity.
Tesla’s Clean Energy Bid
Solar is an important aspect of the EV giant’s business model. However, the company had earlier sunset the company’s solar roof tiles in favor of traditional solar panels.
Tesla’s Solar Roof was unveiled in 2016 after Tesla had acquired SolarCity and an updated version of the product was unveiled in 2021. Tesla marketed the product as an alternative to traditional roofs.
On the other hand, the Energy Storage segment has been a profitable business for the company, with Musk saying that Tesla was ramping up production of the Megapack as “Energy demand is very strong. We’re [Tesla] actually almost sold out of all Megapacks for 2027.”
Price Action: TSLA shares slipped 0.15% to $377.49 during overnight trading on Monday.
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