Elon Musk's massive 100MW battery in Australia made around $1m in profit in just a few days

Elon Musk's massive 100MW backup battery in South Australia has been generating some pretty impressive revenue. The megabattery went online on 1 December 2017 after meeting Musk's self-imposed 100-day construction deadline. However, since it went online, the backup battery has not only set a record for delivering clean energy, it has also made its owners, Neoen, around $1m in just a few days.

The massive backup battery recently responded to a crisis at an Australian power plant in milliseconds – setting a record in delivering clean energy. Musk's giant battery kicked in and delivered around 100MW of energy in just 140 milliseconds – setting a new record.

At present, Neoen has control over 30MW/90MWh of the giant battery's capacity, which the firm can choose to sell on the wholesale market, Futurism reported.

According to a report by Renew Economy, Neoen sold around $14,000 AUD per MWh on 18 and 19 January, although it barely spent anything at all to generate the electricity.

Meanwhile, the remaining 70MW/39MWh of Musk's battery's capacity has been reserved for the use of the South Australian government. Over the past few years, South Australia has been experiencing widespread power issues, brought on by a combination of various issues including soaring temperatures, ageing coal plants and lack of reliable renewable energy sources.

However, Musk's backup battery has already proven to be the answer to the region's power problems. Neoen and Tesla have already reportedly begun collaborating to develop a 20MW battery in the state of Victoria in Australia. Neoen also intends to build an even bigger battery than the one currently operating in South Australia.