Tesla Motors to build 20MW battery storage facility for SoCal Edison, Citi Ventures backs FastPay, first Hyperloop One likely to be built overseas, and more.

Citi Ventures Backs FastPay

FastPay, which helps digital media businesses with cash-flow problems, has received an undisclosed investment from Citi Ventures, according to a press release. FastPay has originated nearly $1.5 billion in loans and has more than 70 employees.

Tesla Motors to Build 20MW Battery Storage Facility for SoCal Edison

Southern California Edison has selected Tesla Motors Inc. to build a 20-megawatt battery storage facility in Mira Loma for an undisclosed amount. The lithium ion battery storage project will be the largest in the world, according to a Tesla blog post. The system at full charge will hold enough electricity to power more than 2,500 households for a day or charge 1,000 Tesla cars.

First Hyperloop One Likely to Be Built Overseas

The first Hyperloop One track to carry passengers will likely be built by 2021 and overseas, said the company’s co-founder Shervin Pishevar, reports TechCrunch. Next year the company will begin testing its passive levitation system in Nevada.

Disney Cuts 250 Jobs in Consumer Products and Digital Media

Walt Disney Co. cut 250 jobs in its consumer products and digital media divisions, reports Variety. About half of the layoffs were among video game workers who were eliminated as a result of Disney’s shift towards licensing its brands for video game usage and the other half were marketing and human resources positions that were eliminated because of the company’s merger of consumer products and interactive media operations.

The Black List Opens Up to Colleges for Free

The Black List is opening up its database of screenplays to students training to be producers and directors at selected college programs, starting with the Dodge College of Film and Media Arts at Chapman University, reports the Hollywood Reporter. Screenwriters hosting their scripts on the Black List’s website will have the option to make their screenplays available for free to be seen by student producers and directors.

Technology reporter Garrett Reim can be reached at greim@labusinessjournal.com. Follow @garrettreim on Twitter for the latest in L.A. tech news.

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