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Tesla Inc (TSLA) Offers To Rebuild Puerto Rico's Power Grid

07 October 2017
Tesla Inc (TSLA) Offers To Rebuild Puerto Rico's Power Grid

Puerto Rico's fragile power grid was knocked offline after Hurricane Maria barreled through the USA territory in late September, leaving millions of people without electricity. Elon Musk has publicly stated that Tesla grid battery systems now cost $250 per kilowatt hour for systems of more than 100 megawatts hours.

Enter real-life Iron Man and billionaire visionary Elon Musk, who claims he can solve the problem by rebuilding Puerto Rico's destroyed power grid with a solar setup. After the hurricane left the island's grid in shambles, Tesla reportedly sent hundreds of Powerwalls - battery systems created to store energy - along with employees to install them in an effort to restore power. Do you want to show the world the power and scalability of your TeslaTechnologies?

Will all this turn Puerto Rico into a lab for sustainable energy?

In addition to selling electric cars, including the recently introduced Model 3, Tesla has an energy storage business, selling battery packs to commercial utilities, as well as home residences.

Both projects were created to supply power for much smaller populations than Puerto Rico, however. Rossello told reporters he expects to have a conversation with the Tesla chief executive officer and said Puerto Rico needs to consider meeting its energy needs with more environmentally friendly technology.

After visiting Puerto Rico on October 3, Trump shocked the bond market by commenting that the island's debt might have to be entirely wiped out in order for it to recover from the hurricane's devastation.

"Tesla Semi unveil now Nov 16", Musk said on Friday on Twitter.

Tesla CEO Elon Musk unveils his second-generation Powerpack battery system in November 2016.

Tesla has already shipped hundreds of its Powerwall battery systems to Puerto Rico and Tesla employees are now busy installing them and training locals how to continue the process. Governor Rossello said Monday that officials will need an entire month just to raise that level to a quarter of the island.