Elon Musk Wins $50 Million Bet for Building World’s Largest Lithium-Ion Battery
Elon Musk Wins $50 Million Bet for Building World’s Largest Lithium-Ion Battery

We all know very well that Elon Musk promised to have Tesla deliver the world’s largest battery to Australia in just 100 days, otherwise it would charge nothing for the equipment. Well, the company took only about two months to keep the promise through which Musk won $50 million bet.

Elon Musk Wins $50 Million Bet for Building World’s Largest Lithium-Ion Battery

After the tremendous storms that swept South Australia in March 2016, leaving more than 1.7 million people in the dark, the Australian government opened a competition to find a supplier that would make it the world’s largest lithium-ion battery.

At that time, Elon Musk made a bet, agreed that Tesla would get the battery installed and operate within 100 days after signing the contract or would pay it the value. Musk won the “bet” and won $50 million.

The multimillionaire president and CEO of Tesla delivered a renewable energy project to South Australia, building the world’s largest lithium-ion battery.

Musk and Lyndon Rive, head of Tesla’s battery division, have proposed building an energy storage system in the state after severe blackouts, the result of a severe storm in March 2016.

At that point, Elon Musk made a bet. He bet that Tesla would get the battery installed and working within 100 days after signing the contract, if it failed, the value of that system, about $50 million, would be paid out from his pocket.

This deadline should expire on December 1, however, Australian Prime Minister Jay Weatherill announced that the project had already been completed. The battery will store power from a nearby wind farm managed by French renewable energy company Neoen.

Jay Weatherill stated that “South Australia is set to have a power reserve this summer through the world’s largest lithium-ion battery, which is expected to be charged for the first time in the next few days as it enters a regulatory testing phase”.

On Twitter Musk did not fail to thank his team for their dedication and achievement:-

“Congratulations to the Tesla team and Southern Australian authorities who have worked so hard to get this manufactured and installed in record time!”

As a maker of electric cars, Tesla has also invested heavily in energy storage and solar panel technology – and believes that its technology can develop far beyond vehicles and power the network.

The deal also involved the manufacture by Tesla of a 129 MWh battery in Jamestown, a city with a population of less than 1,500 people, just over 200 kilometres on the north of Adelaide.

So, what do you think about this? Simply share your views and thoughts in the comment section below.



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