Finance

Big Surprise, Musk Won the 50 Million Dollar Aussie Bet

Big Surprise, Musk Won the 50 Million Dollar Aussie Bet

The shortage is looming as Australia is expected to soon overtake Qatar as the world's biggest exporter of liquid natural gas.

"Today's launch follows a successful period of regulatory testing that ensured the battery's ability to both act as a generator and charge to and from the National Energy Market", South Australia said on December 1. He told Reuters, "We think that's what's really going to accelerate the uptake of energy storage in Australia".

The battery is said to be capable of powering 30,000 homes, said Yuen Low, an analyst at Shore Capital.

The maverick billionaire earlier this year offered on Twitter to build the battery farm in 100 days or give it free.

More importantly for the residents of South Australia, they hope the Tesla's Powerpack system can begin to solve some of the massive energy problems experienced over past summers plagued by blackouts, noted the publication.

World's largest lithium-ion battery is now up and running in South Australia, and it's all thanks to Musk and Tesla.




South Australia, which relies heavily on solar and wind-generated energy, has been scrambling to find a way to bolster its fragile power grid since the entire state suffered a blackout during a storm a year ago.

"This is history in the making", Premier Jay Weatherill said.

Tesla won a bid in July to build the 129-megawatt hour battery for South Australia, which expanded in wind power far quicker than the rest of the country, but has suffered a string of blackouts over the past 18 months.

Some have called the battery a "Hollywood solution", which likely stems from the flashy nature of the battery's creation in a country that does still rely partly on fossil fuels.

"Storage can respond within a fraction of a second". This is especially important given that this state gets a whopping 40 percent of its electricity from wind energy.

If so, Musk is about to double his profits, after winning the bet with fellow tech entrepreneur Mike Cannon-Brookes, who has agreed to settle his 50 million dollar bet with Musk.