Richmond, Virginia. Electric Auto giant Tesla’s Renewable Energy arm, Tesla Solar has opened a new facility in Richmond’s historic Manchester area. The facility is reportedly in a warehouse located on 300 Stockton Street and covers 19,500 square feet, as per the documents submitted by the company to city authorities.  

The new facility will be solely used by the company’s energy division for “installation and service (of) solar and energy products.” Their products include the Tesla Solar Roof, Solar Panels, as well as the Powerwall battery system.   The local professionals at Roofers Richmond can help you evaluate if your existing roof could support a solar panel upgrade.

Tesla has a separate facility in Richmond which is used for the sale of automobiles and was established in 2017. Last week, the company filed documents with the city certifying its compliance with local zoning regulations

The company rocked the automobile and renewable industries Wednesday when CEO Elon Musk announced that the company would start accepting Bitcoin payments for car sales inside the United States. The situation is surprising because multiple tech titans, including Bill Gates allege that generation of crypto currencies is a highly energy consuming process and have expressed concerns over its effect on climate change. A recent study of the bitcoin power network by University of Cambridge researchers seems to provide backing to their claim.

“Bitcoin uses more electricity per transaction than any other method known to mankind, and so it’s not a great climate thing,” said Bill Gates in an interview with the New York Times.

Mr. Musk tweeted that the company would hold its digital currencies in their original state rather than convert them to U.S Dollars or other fiat currencies. This essentially means that when a car is bought using bitcoin, its value rises or decreases as per the rate of bitcoin at that time. Holding onto that digital money will ensure that the sale proceeds act as an investment in much the same way as stocks.

Tesla has long established its reputation as an environmentally friendly company with its development of electric vehicles followed by their entry into the solar power markets as a manufacturer and distributor of innovative power and backup systems. The company’s renewable power business is seeing an expansion as is evident from the new dedicated Virginia facility, yet the new bitcoin payments decision may sit in contrast with that reputation.

Bitcoin related stocks surged in the aftermath of Mr. Musk’s announcements even as Tesla’s own shares had fallen 4.82% as trading closed for Wednesday, although after hours trading did return 0.36% to Tesla’s value.

Published by James

Writer. Food nerd. Beer evangelist. Analyst. To contact James with a story please email: virginiaheraldstaff@gmail.com.

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