Tesla to Build World's Biggest Lithium Ion Battery

Tesla to Build World's Biggest Lithium Ion Battery

His electric vehicle company, Tesla, has teamed up with a French renewable energy firm and an Australian state government to install the world's largest lithium ion battery.

Tesla will build the world's largest lithium-ion battery to provide stability and backup for South Australia's power grid.

The clock will start ticking on Mr Musk's 100-day commitment once regulators approve the project, clearing it for grid connection.

"Failing to hit the deadline would cost Tesla "$50 million or more", he said.

"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.

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The battery farm is created to stabilise the South Australian energy network and provide emergency power back-up.

It is not yet known whether Mr Musk's tweet has formed part of the contractual agreement between Tesla and the state of South Australia.

The South Australian government was prompted to find an energy storage solution after a series of blackouts in late 2016 left more than 1.7 million residents without power for extended periods.

Completion is expected before the end of the year, with Musk saying he hoped the Tesla Powerpack would make a "significant statement for the viability of renewable energy to the world".

For those in need of a refresher: back in March, Tesla vice-president Lyndon Rive garnered nationwide attention for his claims that the company's batteries could single-handedly solve our state's energy problems.

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Tesla will partner with French renewable energy company Neoen to build the 100-megawatt battery farm in South Australia state. It will be three times more powerful than any other battery system.

The post Tesla Inc (NASDAQ:TSLA) to Install World's Largest Lithium Ion Battery in Australia appeared first on Market Exclusive.

Tesla was selected his week to supply the entire energy storage system after a competitive bidding process.

In addition to the Powerwall improving the overall reliability of South Australia's electrical infrastructure, Tesla announced the system is also being installed for residential customers across Australia.

"We actually insisted when doing the contract that we be held to the 100 days or it's free", Musk said.

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