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World's largest lithium ion bat...

World's largest lithium ion battery to be built in Australia

South Australia is regularly plagued with energy blackouts. So in March, when Tesla CEO Elon Musk said he could end the power cuts quickly, billionaire entrepreneur Mike Cannon-Brookes challenged the claim. Musk responded on Twitter, saying he would solve the problem in 100 days or provide the technology for free.

Recently, Musk has taken the next steps in following through on his promise to solve the power crisis. Tesla has teamed up with a French renewable energy firm and is working with the Australian government to install the world's largest lithium ion battery.

Speaking at a news conference in Adelaide, Musk said that the enormous battery, which is three times more powerful than the world's second biggest, will be paired with a wind farm in the state of South Australia.

"If South Australia's willing to take a big risk, then so are we," he said.

The 1.7 million people who live in South Australia have to deal with recurring energy shortages. Last year, much of the state was left without power after a storm damaged important transmission lines in September. Another major blackout happened in February when an unexpected spike in demand occurred due to a heat wave.

Solving the problem has been made a priority by the Australian government, and they believe that increasing grid storage could help.

Jay Weatherill, the premier of South Australia, said the giant battery from Tesla would "provide stabilisation services to the grid."

Funding to build the battery will come from the South Australian government's plan to deliver affordable and clean power - as long as Musk and Tesla stay on plan. If they run into delays and go beyond the 100-day mark, the project won't cost taxpayers anything.

But Musk also indicated his firm would not rush the work: "We need to get it done, we need to make sure it's working properly, and we want to do it well under 100 days," he said.

All information provided is of a general nature only and does not take into account your personal financial circumstances or objectives. Before making a decision on the basis of this material, you need to consider, with or without the assistance of a financial adviser, whether the material is appropriate in light of your individual needs and circumstances. This information does not constitute a recommendation to invest in or take out any of the products or services provided by SMATS Services (Australia) Pty Ltd or Australasian Taxation Services Pty Ltd.

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