Tesla and Neoen, the French renewable energy company, are partnering to build one of the world’s largest lithium-ion batteries in Australia.
The Victorian Big Battery based in Geelong, south-west of Melbourne, will have a capacity of 450 megawatt-hours and will play an important role in Australia’s transition from coal-fired electricity generation to renewables. The new facility will store roughly enough energy to power 500,000 homes for an hour. It will also be used to modernise and stabilise the energy grid in Victoria, where the government has set a policy objective of delivering half of the state’s energy requirement via renewables by 2030.
Tim Buckley of the Institute for Energy Economics and Financial Analysis, said the decision by Tesla and Neoen was a sign of momentum in Australia’s energy transition. “This is not a slow, orderly, incremental change under way. This is great to see. This technology-driven energy transition is inevitable and accelerating.”