Feb 04, 2016 06:43 PM EST

Elon Musk, Tesla CEO Has Announced Home Battery Launch 2016

Elon Musk, the eccentric Tesla CEO, announced that his wall mounted power source will be available by summer this year, according to a report from Electrek. He is referring to his company's Powerwall home battery pack that he announced last spring.

Musk revealed this information in his talk with customers at the Tesla TSLA at a Paris event last Friday.

"We've got the Tesla Powerwall and Powerpack, which have a lot of trials underway right now around the world. We've seen very good results," he said.

With this product, Elon Musk net worth will soon get a boost since he does not only own Tesla Motors, but also heads the aerospace startup SpaceX.  In addition, he is serving as the chairman of SolarCity SCTY, a firm focused on solar energy.

The Powerwall of Elon Musk was a huge success since he launched it in 2015. It is well accepted by the market that it is already sold out until the middle of this year. The device is already estimated to hit sales of $1 billion, increasing Elon Musk net worth considerably.

It is apparent that there existed a pent-up demand for the product, especially on those who already have their own solar panel systems running their homes. This battery will enable those homes to continue enjoying light after the sun sets because of its ability to provide long-lasting power backup.

While the first generation of Powerwall just started shipping a couple of months ago, Elon Musk revealed at a private event that his company is developing its next generation.

"We are coming up with the version two of the Powerwall probably around July or August of this year," Musk said.

He added that this next generation will offer 'moderate improvements' compared to the present model. That includes a longer life cycle and new battery cells made by Tesla's own Gigafactory.

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