June 20 (UPI) -- Tesla Friday signed a $556.8 million agreement to build a grid-scale battery storage station in China.
The deal is with China Kangfu International Leasing Co., as well as the Shanghai local government.
It's the first Tesla large-scale battery storage facility in China.
In a statement on Chinese social media site Weibo, Tesla said, "Tesla's first grid-side energy storage power station project in mainland China has been officially signed.The grid-side energy storage power station is a 'smart regulator' for urban electricity, which can flexibly adjust grid resources."
Tesla said that, when complete, this project is expected to become the largest grid-side energy storage project in China.
