The Boring Company has closed a $3 billion Series D funding round led by the United Arab Emirates, valuing Elon Musk’s tunneling venture at $23 billion.

That’s roughly four times its 2022 valuation of about $5.7 billion. And most of the case for it sits in tunnels the company hasn’t dug yet.

BYD Energy Storage has landed a contract to supply 11.275 GWh of battery storage for Masdar’s Round the Clock (RTC) project in Abu Dhabi — one of the single largest energy storage procurements ever signed.

The RTC project pairs a 5.2 GW solar array with a 19 GWh battery system, making it the world’s largest combined solar-plus-storage plant. BYD’s award covers the majority of that storage.