Tesla entered a bear market after Thursday's drop, but seems to be having slightly better luck Friday. Tesla shares are trading up about 0.80% at $311.32 in early trading Friday.
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Tesla is rallying after announcing plans for the world's largest battery farm (TSLA)
The Model 3 rolls out on Friday as well.
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On Friday, Tesla CEO Elon Musk was in South Australia to announce a new battery system for the local government, powered by Tesla's technology. Once constructed, it will be the largest lithium-ion battery in the world and will have the capacity to power 30,000 homes, according to the company's press release.
The deal, between Tesla, the South Australian government and French renewable energy provider, Neoen, has an interesting caveat to it. If Tesla isn't able to install the batteries in 100 days or fewer, the system will be free for the Australians.
Missing the deadline could cost Tesla about $13 million, according to Musk. He insisted the term be included in the official deal after bragging on Twitter about his companies ability to accomplish the feat.
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South Australians have had major problems with their power grid after a huge storm damaged energy infrastructure in the state. The new battery farm will hopefully solve a lot of the area's power woes.
This isn't the first large-scale installation of Tesla's energy technology. The company is currently powering 100% of the island of Ta'u with its solar and battery tech.
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