It’s another day and electric automaker Tesla Motors is in the news once again.
Tesla announced Wednesday that they will be offering $1.6 billion in convertible senior notes towards the public. Tesla will use these funds to assist in the development and manufacturing of its ‘Gen III’ mass market vehicle, the development of the Tesla Gigafactory and other general corporate purposes.””, based on the press release””
According to the automaker, the Gigafactory is a proposed lithium-ion battery plant that can sit on an estimated 500-1000 acres of land, employ around 6,500 employees and have an estimated vehicle output of 500,000 units per year in 2020. That amount of vehicles will require an estimated 50 gigawatt hours of energy annually in battery pack production. That’s more energy in lithium-ion batteries than was produced globally in 2013.
Construction of the Gigafactory is anticipated to take place during 2014 and all of 2015, followed by equipment installation in 2016. First, production launch is scheduled for 2017.
In keeping with the environmentally friendly theme, the Gigafactory is going to be heavily powered by both solar and wind energy, and in accordance with our colleagues at Autoblog Green, will also use older Tesla packs for storage.
It has been narrowed down to four, even though tesla still hasn’t announced where state the factory is going to be built: Arizona, New Mexico, Nevada, and Texas.