Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk has fired back at the U.S. Department of Energy’s recent controversial statement about renewable energy, emphasizing the significance of large-scale batteries in the renewable energy sector.
DoE Calls Wind, Solar Energy ‘Worthless' Without Sun, Wind
The DoE stated that wind and solar energy infrastructure is essentially ineffective when it's dark and the wind isn't blowing. This statement, made on X, was met with criticism, with Musk being one of the most vocal critics.
The comments reflected Energy Secretary Chris Wright’s opinion who also argued that wind and solar are "intermittent" and "worthless" without large-scale batteries when the sun isn't shining or the wind isn't blowing. He added that greater reliance on renewables effectively creates "a whole separate grid," which increases overall costs.
Musk responded with a simple “Um … hello?” on X on Sunday, drawing attention to the importance of large-scale batteries in the renewable energy sector. He also highlighted Tesla’s 370-megawatt-hour storage project in Australia, designed to stabilize the grid and expand renewable use.
Tesla Expands Renewables As Musk Questions Trump’s Stance
This isn’t the first time Musk has spoken out against the Trump administration’s stance on renewable energy. In July, he criticized Trump for cutting subsidies on renewable energy, arguing that this move would hurt the industry. Now, Musk is using Tesla’s successful renewable energy projects to counter the Department of Energy’s claims.
Despite these challenges, Tesla has continued to expand its renewable energy solutions. In fact, the company just unveiled new energy storage products at an event in Las Vegas, further solidifying its position in the renewable energy market.
Clean Energy ETFs In Focus As Trump Halts Projects
The Department of Energy’s recent comments come after Trump’s administration halted approvals for new solar and wind projects. This decision was part of Trump’s ongoing campaign against renewable energy development.
Price Action: Some of the clean energy ETFs to focus on amid this are iShares Global Clean Energy ETF (NASDAQ:ICLN), First Trust NASDAQ Clean Edge Green Energy Index Fund (NASDAQ:QCLN) and Invesco WilderHill Clean Energy ETF (NYSE:PBW). On a year-to-date basis, they gained 25.60%, 9.76% and 21.01%, respectively, as per BenzingaPro.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
