with a stock now in a bear market, tesla's ceo elon musk promises a massive new battery park - buy lithium ion battery
Tesla's clock is ticking.
After it agreed to build the world's largest lithium
Ion Battery Park in South Australia, signed an agreement to complete the infusion within 100 days, or give away for free.
The deal was reached after the Australian government issued a tender call, and the Australian government suffered a series of devastating power outages, resulting in as many as one.
7 million people without power.
Tesla rose more than 2% in pre-market trading on Friday and is expected to open at $315. 26.
Tesla has lost 19% of its value in the past five days.
Fell 58% to $308. 83 on Thursday.
Tesla's billionaire founder Musk said on Twitter that he could build 100 megawatts of storage within 100 days of signing the agreement, thus helping to solve the state's power problems, added surprising promise of on-time delivery or free delivery.
On Friday, Musk returned to twitter again to brag about the new project: "It will be about three times the world's most powerful battery system.
Rocks in Australia! !
Musk confirmed on Friday, July 7, 100-
The day promised to be part of the agreement and said the park would be completed in early December.
Musk said failure to deliver the project on time would cost his company about $50 million, although neither the state nor Tesla posted details of the contract.
Battery 100 MW/129 MWh park is a key part of South Australia's $0. 55 billion energy grid overhaul program, which has been struggling to cope with increased demand during peak periods, while some lawmakers blame the state for its high levels of renewable energy.
The Battery Park will be paired with the wind farm operated by France's Sinn Energy, which will provide electricity stored in Tesla's batteries, in order to redistribute to the grid during peak demand or when the supply of wind farms in South Australia decreases.
"This grid-scale energy storage project will not only be sustainable, but will also help to address power shortages, reduce intermittent and manage summer peak loads to improve the reliability of the South Australian power infrastructure, Tesla said.
The deal was a difficult week for Tesla and Musk. Musk said on Sunday that Tesla's delivery in the second quarter would be lower than analysts expected due to battery shortages.
On Thursday, the company's models were excluded from the Road Safety Insurance Association's influential list of "best safety options" for the safest cars.
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