Elon Musk Pledges To Fix Australian Power Woes In 100 Days, Or Else It’s ‘Free’


Tesla CEO Elon Musk is in the news again for his words, or simply put, the way he shares his thoughts. This time, Musk said that he can assist in solving the power crisis in South Australia within just 100 days. And that is not it. The CEO said if he is not able to complete the project within 100 days, he would not charge a penny. This offer from the U.S. firm follows a series of power shortages in the state.

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Elon Musk again hogs the limelight

It all started on Thursday when SolarCity Chief Executive Officer Lyndon Rive told AFR that the energy company could install 100 to 300 megawatt-hours of battery storage in 100 days. South Australia has been suffering from statewide blackouts since September. So when Rive said they could assist in preventing these blackouts in South Australia, Musk supported his suggestion.

Then on Friday, Mike Cannon-Brookes, CEO of Australian software maker Atlassian, asked Musk and Rive how serious they are about this bet if he takes care of the money part of the contract and politics.

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To this, Musk answered in his own sassy way, saying, “Tesla will get the system installed and working 100 days from contract signature or it is free. That serious enough for you?”

To this, Atlassian CEO tweeted, “You’re on mate.”

Musk also disclosed the price of $250 per kilowatt-hour for 100-megawatt hour systems. After this, Australian Greens Senator Sarah Hanson-Young joined the conversation, inviting Musk to a discussion on the matter.

Could prove a big opportunity for Tesla

Musk is not the only entrepreneur to claim he has a solution to solve the state’s increasing woes. However, no one promised to do it in just 100 days. This bet of his could be the opportunity he was waiting for to push his company’s products in Australia, the top market for rooftop solar in the world. Earlier this week, the U.S. firm launched its Powerwall 2 in the country.

Along with producing electric cars, Tesla is growing its battery business. Recently, the company finished a similar challenge in California after a methane leakage at a gas peaking plant. The EV firm completed the project within just 90 days, installing an 80 megawatt-hour grid-scale battery farm in Southern California.

On Thursday, Tesla shares closed down 0.8% at $244.90. Year to date, the stock is up almost 15%, while in the last year, it is up almost 22%.

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Aman is MBA (Finance) with an experience on both Marketing and Finance side. He has worked as a Risk Analyst for AIR Worldwide, and is currently leading VeRa FinServ, a Financial Research firm. Favorite pastimes include watching science fiction movies, reviewing tech gadgets, playing PC games and cricket. - Email him at amanjain@valuewalk.com
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