Tesla Working on the Largest Battery System in Australia
Tesla will be building the largest lithium-ion battery storage project in the world in South Australia. Elon Musk informed that the company will finish the project within 100 days and if there is any delay in implementation, the project will be offered free of cost to South Australian authorities. Tesla has been selected by the government for deployment of grid-scale energy storage options with at least 100 megawatts capacity. Tesla’s energy storage system with work for renewable energy provider Neoen’s Hornsdale Wind Farm near Jamestown, South Australia.
Tesla CEO is in Adelaide to make the announcement about the massive battery. The battery system will be connected to a wind farm and will improve energy situation in the region.
While Commenting on winning the project, Musk said, “We thought about this and there certainly are some risk because this is going to be the largest battery destination in the world by a significant margin. This system will be three times more powerful than any system on earth. This is not a minor foray into the frontier. This is going three times further than anyone has gone before.”
The project will act as a major milestone for Tesla’s battery system. The scale at which this project will be implemented, will force governments across the world to consider Tesla for similar solutions for green energy. The project will offer power to 50,000 houses in the region.
"We actually insisted in the contract that we be held to the hundred days or it's free. That's what we said publicly, that's what we are going to do," Musk said at the press conference.
Tesla stock has declined nearly 20 percent in the recent trading sessions. The company started production of Model 3 but informed that it can currently make only 20,000 vehicles per month. The company is already having 400,000 pending orders for Model 3. Another setback for Tesla this week was automaker Volvo’s plan to start with only electric or hybrid vehicles by year 2019. Volvo could present competition to Tesla as the company aims to do away with its current engine technology.
Following an unanticipated upturn in economic activity in September, the eurozone economy is widely expected to be on track for the best quarter since 2015.
Elon Musk-led electric carmaker Tesla Motors has confirmed that it will discontinue its cheapest version of its Model S e-car, the rear-wheel-drive S60, on coming Sunday.
Motorola’s parent firm Lenovo recently announced the launch of the Moto G5S and G5S Plus smartphones in several markets. The company will shortly share its plan for worldwide launch.
Luxury vehicle maker Volvo has just introduced the 2018 XC40, the company’s latest SUV that looks forward to compete with the Porsche Macan or Range Rover Evoque.
European Commission President Jean-Claude Juncker’s proposal to expand Eurozone by bringing more countries into it has triggered controversy, mainly in Germany, where Chancellor Angela Merkel is seeking re-election.
Wall Street soared to record highs on Friday, thanks to robust trading in telecommunication shares as well as bouncing back of technology shares after a couple of days of declines.