Elon Musk's Australian Battery Bet Pays Off
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 Tesla Inc 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.
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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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