Elon Musk Wins $50M Bet by Creating the World’s Largest Lithium-ion Battery

Source: Tesla

Elon Musk has done it once more. In March, the creator and founder of Tesla, SpaceX and other world-changing projects made a bet on Twitter with Mike Cannon Brookes, the co-founder, and CEO of Atlassian.

The stakes were high since there was a need for Musk to either help fix South Australia’s upsetting blackouts with a large power pack in 100 days or suffer the consequence of offering the estimated $50 million service for free.

Source: Tesla

Apparently, Elon’s efforts have eventually paid off following his win on the bet.Therefore, this means that not only will Tesla get payment for the 100-megawatt energy storage venture, but also residents no longer have to stay in the dark during times of excess energy demand.

The largest lithium-ion battery

According to the Business Insider, the new lithium-ion battery is the largest lithium battery in the world.

Actual evidence of this is the Tesla’s 100-megawatt Power-pack capacity to support Neoen’sHornsdale wind farm north of Jamestown.

Tesla has also announced that this battery’s installation is halfway regarding completion. The battery bank which is close to the site of the 100MW Hornsdale Wind Farm in South Australia will be the most massive system joined to an energy grid. The building of the battery bank is taking place at the Tesla/ Panasonic Gigafactory in Sparks, Nevada.

Elon Musk seems to recognize how absurd the situation at hand is since he claims, “To have that (construction) accomplished in two months! … You cannot rebuild your kitchen in that period…”

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Elon Musk’s battery’s impressive capability

Business Insider also reports that the giant cell can provide power for 8000 homes for 24 hours and 30,000 homes for an hour during darkness. Indeed, the power and capability of this lithium-ion battery are incomparable.

Source: Mother Jones

Elon Musk closed the deal on the South Australia project in September, the government officially awarded the contract to his firm in July. The delivery of the agreement to Tesla was after the company’s participation in a highly competitive bidding process to open a $115 million renewable energy fund from South Australia.

In the bidding process, Tesla estimated that the pricing of the globe’s largest battery bank would be at $32 million exclusives of labor costs and taxes. Musk’s clock began ticking when he paid a visit to Adelaide to sign off on the deal despite work having started after the awarding of the contract by the government. Notably, not only did Tesla receive the contract, but also Neoen, a French firm, who are their partners.

Last September, there was power loss all over South Australia when a storm destroyed the state’s electricity transmission infrastructure. As a result, the government declared a $550 million plan to help in preventing future blackouts.

What was the idea?

The idea is inclusive of the Powerpack and a 250-megawatt gas-fired generator whose cost is expected to be $360 million.

According to the State Ambassador, Jay Weatherill, testing will ensure the equipment meets all the regulatory qualifications. He also applauds all the parties involved because of the project’s quick execution.

Source: Tesla

Weatherill says that the trial will send a clear message that South Australia will be a pacesetter in renewable energy with battery storage. He further acknowledges that the delivery of this project in such a short time is because of the enormous amount of work invested in it.

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Weatherill has promised that he will pay a visit to Jamestown to personally show appreciation to every person who worked on the project.

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