The $50 Million Twitter Bet
The market’s 3-day rally has ended. Fear still spreads about the coronavirus and its climbing cases and deaths.
It’s the same old story.
Therefore, today we’re going to take a break from the doom and gloom of the coronavirus.
While all this was going on, something amazing occurred in the tech world.
But in order to find out what happened, we’re going to need to go to the farthest ends of the world…
The Desert Battery Bet
In South Australia, blackouts were a problem.
The vast stretches of open land and extreme weather made reliable power delivery difficult. As a result, the local economy lost millions of dollars just to keep the lights on.
2016 was particularly difficult for the area when violent weather made blackouts for over 80,000 homes.
That’s where our friend Elon Musk came in.
Over Twitter, Musk made a bet with Atlassian CEO and billionaire Mike Cannon-Brookes.
In it, he guaranteed getting up 100 MW of power to the area in 100 days or less.
Just look at the exchange below…
A $50 million bet over the internet for all to see. Crazy.
The facility, dubbed the Hornsdale Power Reserve, collects power from nearby wind turbines and stores it in an array of Tesla Powerpack batteries. The power stored in the batteries helps alleviate the power grid during extreme weather and natural disasters, essentially eliminating blackouts.
And the best part about it? It works.
With the help of local philanthropists, Elon got the plant working in 60 days — nearly half the time he was allotted to complete the task.
And unlike some ideas coming out of the tech world, this wasn’t some pie in the sky idea that’s decades away from development. It’s already been implemented.
It’s already proved to be a success in rural areas. With some tweaks, it could easily be adapted to work in more urban areas.
What’s more, this $50 million investment has more than covered its cost.
In 2019 alone, the facility saved Austalia $76 million USD and cut the cost to regulate south Australia’s power grid by 91%.
Right now, the battery farms are only used to alleviate disruptions in power going down the lines, like a big uninterruptible power supply (UPS) you might have in your office. But, scaled up, the batteries could power entire towns and cities for extended periods of time.
Say what you want about Musk.
But from SpaceX to Tesla to his Boring tunneling company… there’s no doubt he’s an innovator and will continue to make a positive impact on the technology of the world.
The next time you need a project done… just bet him $50 million on Twitter.
He’ll get it done 40 days ahead of schedule.
To a bright future,