Tesla Is Building a Megabattery in Texas

In a development that sounds more like the action of a supervillain in a science-fiction movie than a corporate asset-building move, Tesla Motors (NASDAQ: TSLA) is constructing a giant battery in Texas. According to Bloomberg, which broke the story, a subsidiary of the Elon Musk-fronted electric vehicle (EV) company called Gambit Energy Storage is managing the project. It will be connected to the state's electric grid, which notoriously came close to shutting down entirely last month.