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One Reason Tesla (TSLA) Stock is Rising

NEW YORK (TheStreet) -- Tesla Motors (TSLA - Get Report) stock is increasing by 2.31% to $220.55 in midday trading on Tuesday, after the company's energy storage systems were chosen to power hybrid-electric buildings in California.

The Irvine Company, a real estate company, and Advanced Microgrid Solutions will equip 24 office buildings with the energy storage systems that will charge during non-peak hours by the end of this year.

The move will reduce peak-energy consumption from local utilities, lower electricity cost and provide back-up power.

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"Energy storage is a game-changer," Rich Bluth, the Irvine Company's VP of energy management said in a statement. "It will allow building owners to participate in grid support and reduce costs while causing no disruption or discomfort to our customers, residents or guests."

Tesla Energy's commercial battery systems have the capability to switch the buildings to battery power when they receive a signal of high demand on the grid by Southern California Edison (SCE-E), which is overseeing the transition as part of the grid modernization plan.

Tesla expects boost...