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Elon Musk's Australian Battery Bet Pays Off

Tesla's CEO promised to build the world's largest lithium-ion battery within 100 days or it'd be free

Elon Musk is poised to deliver on his promise to build the world's largest lithium-ion battery farm in 100 days, meaning he will avoid giving away the $50 million storage for free.

Jay Weatherill, premier of the state of South Australia -- where the park has been built -- said Thursday, November 23, that Tesla Inc. (TSLA) - Get Free Report had finished installing battery packs at the 100MW facility and was ready to energize and test the site.

Tesla stock closed Wednesday, ahead of the announcement, at $312.60, down 1.64% on the day.

The park will officially launch next week, meeting a start of December deadline agreed by Musk in July. The Tesla CEO, in March, promised to deliver the storage facility within 100 days of signing a contract with the State Government and said, via Twitter, he would swallow the entire cost of the project and hand it over for free if he missed the deadline.

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