EV giant Tesla Inc. (NASDAQ:TSLA) said on Tuesday that it has installed 750,000 powerwalls worldwide, marking an important milestone for the company's energy storage segment.

What Happened: Tesla made the announcement on one of its several official X accounts.

The Powerwall is a powerful home battery that stores solar energy for use when the grid goes down. It is manufactured by Tesla at its gigafactory in Nevada.

Tesla released the Powerwall 3, the latest iteration of the product, in early August. The company then said that it could build a Powerwall 3 every 25 seconds, or more than 700,000 units per year.

Why It Matters: Tesla reported a whopping 100% year-on-year jump in revenue from its energy generation and storage segment in the second quarter, even as revenue from the automotive segment dipped. The company's second-quarter revenue from the segment totaled $3 billion after it deployed 9.4 GWh of energy storage products.

For the entirety of 2024, the company now expects the growth rate of revenue in its energy business to outpace the automotive business.

During Tesla's annual shareholder meeting in June, Musk said that the company is on track to complete a "massive number of energy deployments."

"We seem to be tracking to sort of a 200- to 300-percent year-over-year growth in energy storage deployment and stationary pack. So it's giant. And the limiting factor really is being able to build more Megapacks and build more Powerwalls," he said.

The company is currently ramping up production at its Lathrop Megafactory which is capable of producing 40 GWh of energy storage products a year and also eyeing starting production at its Shanghai Megafactory in the first quarter of 2025.

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Photo courtesy: Tesla