On Friday, Tesla CEO Elon Musk was in South Australia to announce a new battery system for the local government, powered by Tesla’s technology. Once constructed, it will be the largest lithium-ion battery in the world and will have the capacity to power 30,000 homes, according to the company’s press release.
The deal, between Tesla, the South Australian government and French renewable energy provider, Neoen, has an interesting caveat to it. If Tesla isn’t able to install the batteries in 100 days or fewer, the system will be free for the Australians.
Missing the deadline could cost Tesla about $US13 million, according to Musk. He insisted the term be included in the official deal after bragging on Twitter about his companies ability to accomplish the feat.
South Australians have had major problems with their power grid after a huge storm damaged energy infrastructure in the state. The new battery farm will hopefully solve a lot of the area’s power woes.
This isn’t the first large-scale installation of Tesla’s energy technology. The company is currently powering 100% of the island of Ta’u with its solar and battery tech.
The announcement comes on the same day that Tesla rolls out its first Model 3. The company won’t deliver the first cars until later this month. The company is ramping up production of its newest vehicles and hopes to be producing 20,000 a month by the end of the year.
The company opened Friday at $US311.32 and is up 44.81% for the year. Over the last month, the company is down 15.66%.
Get the latest Tesla stock price here.
Tesla will get the system installed and working 100 days from contract signature or it is free. That serious enough for you?
— Elon Musk (@elonmusk) March 10, 2017
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