SYDNEY, Australia-Tesla says it will build the world's largest lithium-ion battery in southern Australia, part of a bid to solve an energy crisis that has led to ongoing blackouts across the region past year.
The scheme at Jamestown will overtake the current record-holder for storage size, an 80 megawatt-hour power station at Mira Loma in Ontario, Calif., also built using Tesla batteries.
At a news conference Friday, Musk said Tesla could end up losing $50 million if the company can't finish the system in time.More news: ITV plc (LON:ITV) Lowered to Neutral at JP Morgan Chase & Co
In September past year the state was plunged into a blackout after a severe storm interrupted power supply.
"It will completely transform the way in which renewable energy is stored, and also stabilise the South Australian network as well as putting downward pressure on prices", he said.
The electric auto company outbid 91 other companies to win the contract to construct a 100-megawatt lithium-ion battery storage facility near Jamestown, Australia.
The post Tesla Inc (NASDAQ:TSLA) to Install World's Largest Lithium Ion Battery in Australia appeared first on Market Exclusive. Arrays of battery packs will store energy generated by renewable sources in an effort created to help alleviate blackouts.More news: Gas prices in Rhode Island down 3 cents per gallon
The billionaire magnate took to Twitter to announce that "this will be the highest power battery system in the world by a factor of 3".
The state government in March invited expressions of interest for the construction of a grid-scale battery as part of its $550 million energy plan. The facility, a project of Tesla and the French renewable energy company Neoen, will be the world's largest.
It isn't only in Australia where Tesla is working with utilities on energy storage.
When it's completed, the battery will be have enough capacity to provide power for more than 30,000 homes, which is approximately the number that lost power in September after severe storms that disrupted electricity transmission, Tesla said.
Tesla expects the system to come online in December.More news: Short Says Repealing Obamacare With Later Replacement an Option