Elon Musk Announces New Battery Breakthrough For 2024!
Elon Musk Announces New Battery Breakthrough For 2024!
A mining mogul who dubbed Elon Musk a ‘muppet’ says he’s anti-hydrogen because he’s invested much in batteries. Well, let’s find out in today’s episode if this is true or not as the tech billionaire just announces a new battery breakthrough for 2024!
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Elon Musk was branded a “muppet” earlier this year by an Australian mining mogul who had dismissed hydrogen as an environmentally friendly fuel option. Because of his bet on electric batteries, he implied this week that the CEO of Tesla is anti-hydrogen.
Fortescue Metals CEO Andrew “Twiggy” Forrest was questioned by a shareholder at Tuesday’s annual meeting over the instances in which he “crossed swords” with Tesla’s leading executive.
In response, Forrest said, “You’ve touched a really, really raw nerve”. Though he invests substantially in the field of battery design, Fortescue is skeptical that these technologies can combat global warming.
“The miracle marriage is, as you point out, hydrogen with the battery or fuel cell,” he added.
Forrest made it clear that he wasn’t only promoting hydrogen over electric batteries for the advantage of his business and made a suggestion that Musk might be acting contrary to Tesla’s best interests.
“Like Musk, I’m heavily invested in batteries,” he stated. “It’s just that, unlike Musk, it’s not my own investment.”
Musk has frequently dismissed hydrogen as a viable automotive fuel source. Due to its low density, it would need a “gigantic fuel tank” that is under extreme pressure, which would be a “big pain in the ass,” he stated during a January 2021 Tesla earnings call.
In addition, the CEO of SpaceX and owner of X has called fuel cells “fool cells” and hydrogen the “most dumb thing I could possibly imagine for energy storage.”
Forrest, who has a net worth at around $26 billion and ranks 57th on the Bloomberg Billionaires Index, has responded negatively to Musk’s remarks. He declared at a Bloomberg conference in June that “anyone, including Elon… who says hydrogen hasn’t got a massive future are muppets.”
“He ought to step outside and ask himself, ‘Am I a businessman or a climate avenger?’ Forrest told The Australian last fall, “If he knocks hydrogen, then we know he’s just in it for a buck.”
Tesla’s stock has increased by almost eight times since the beginning of 2020 as a result of investors applauding Musk’s support for electric batteries. Over that time, the EV maker’s worth has increased dramatically from less than $100 billion to over $700 billion.
The Rise of EVs
The concept of electric vehicles was generally dismissed when Tesla was established in 2003. Up until then, every electric vehicle had been little more than an upgraded golf cart, complete with a short battery life, uncomfortable seats, a compact design, and a relatively slow top speed.
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