Tesla CEO Elon Musk Just Won A $50 Million Dollar Bet By Building The World’s Biggest Battery
Elon Musk just won a huge bet. The Tesla and SpaceX CEO made a bet that he could install the world’s biggest battery in South Australia within 100 days of making the bet. If Musk failed that bet, his company would install the battery for free. Think of it as the pizza being free if they’re over 30 minutes, but you get a free battery. Since Musk won, he gets a cool $50 million.
Not only did he get the installation in under the 100 day limit, he got it in with 46 days left in the bet.
“Congratulations to the Tesla crew and South Australian authorities who worked so hard to get this manufactured and installed in record time!” Musk said on his Twitter page Thursday.
The batteries are designed to give power to areas of Australia that need it and have no other option. In South Australia, they’ve had to deal with 18-month blackouts. A major storm event during Sept. 2016 essentially knocked out the entire state’s electricity, which makes the need for these batteries essential
But how does it work? Well, the Powerpack system will provide 100 megawatts of storage to a renewable energy firm called Neoen’s Hornsdale. They are a wind farm in South Australia that holds enough power for about 30,000 homes. Both companies will join the engineering company Consolidated Power Projects to show off the battery.
This project will be a part of the $404 million plan to increase and improve its renewable energy. That huge storm last year put a stop to the project, but these new batteries will give it new life. Below is the location of the wind farm and the Tesla batteries.
“The world’s largest lithium-ion battery will be an important part of our energy mix and it sends the clearest message that South Australia will be a leader in renewable energy with battery storage,” Consolidated Power Projects and state premier Jay Weatherill told the Associated Press.
The bet first began when Tesla gave itself a 100 day goal after Musk and Mike Cannon-Brookes, and software-billionaire had a discussion. Cannon-Brookes asked Musk if Lyndon Rive, the VP of energy products at Tesla, was truthful in saying that they could install a 100 to 100 megawatt-hours battery in 100 days. This discussion led to the government agreeing to fund the $113 million of battery storage if Tesla beat other competitors to get the contract. Musk sort of tricked them with the deadline since they were already building the battery.
Pretty sneaky, Tesla.
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