Monday, November 27, 2017

Elon Musk Wins $50M Bet With Lithium-Ion Battery Project In Australia

Elon Musk, the Los Angeles technology mogul behind such companies as Tesla Motors and SpaceX, has won a $50 million bet, after Tesla built a 129 megawatt (MW) hour Lithium battery farm in Australia to help ease power grid issues in that country. Musk had bet that Tesla would be able to build and install the battery farm in less than 100 days of signing a grid agreement with south Australia, which has been faced an ongoing blackout issue. It took only 55 days for Tesla to install the power system in Australia. Musk had said that he would pay for the system, personally, if Tesla was unable to install the Lithium battery farm in 100 days. Australia is using Tesla's battery farm for load management, capturing energy generated by a nearby wind farm for use during peak energy usage periods. Image: A similar, Lithium battery farm installed by Elon Musk in Southern California.