Reports speculating on the potential for a Tesla battery factory in Nevada started surfacing recently after Nevada Gov. Brian Sandoval took to Twitter to hint at a major announcement in the state’s economic development.

And the news was confirmed by the automaker on Thursday: the Tesla “Gigafactory” is headed for the Silver State.

When the state and automaker confirmed the news last week, Gov. Sandoval said, “This is great news for Nevada. Tesla will build the world’s largest and most advanced battery factory in Nevada, which means nearly one hundred billion dollars in economic impact to the Silver State over the next twenty years.

"I am grateful that Elon Musk and Tesla saw the promise in Nevada. These 21st century pioneers, fueled with innovation and desire, are emboldened by the promise of Nevada to change the world. Nevada is ready to lead,” he continued.

Though Nevada is a state not known for its automotive manufacturing industry, the move will position the Tesla battery factory close to its Fremont, Calif., assembly plant.

Many are speculating whether a large incentives package was also involved to lure the electric vehicle company to the state.

According to a Forbes report, the overall package the state offered Tesla is estimated at $1.25 billion over the next 20 years.

“I would like to recognize the leadership of Gov. Sandoval and the Nevada Legislature for partnering with Tesla to bring the Gigafactory to the state. The Gigafactory is an important step in advancing the cause of sustainable transportation and will enable the mass production of compelling electric vehicles for decades to come. Together with Panasonic and other partners, we look forward to realizing the full potential of this project,” said Musk when the company confirmed the news.

Tesla currently has a deal with Panasonic Corp. — the company that produces the batteries for the Model S — to underwrite some of the bill and to help run operations at the new battery factory.

The Gigafactory is expected to cost up to $5 billion to build. And the company better get started, if it wants the project completed by the time it’s cheaper model rolls out.

The company plans to launch its third vehicle — the Model III — by 2017 with a starting price tag of $35,000.

And the move has the support of the Nevada State Assembly, as well.

“On behalf of the State of Nevada, I would like to acknowledge this monumental day and provide my initial support. This is a significant opportunity to make a major stride to improve our statewide economy,” said the Democratic Speaker of the Nevada State Assembly Marilyn Kirkpatrick. “I look forward to receiving the necessary information so the Legislature can meet and take necessary action to support this major industry coming to Nevada.”

This year has been wrought with lawsuits stemming from franchised dealers’ concern over Tesla’s direct-to-consumer sales model.

And though the company has suffered a few setbacks legally, with constructions of its new battery factory on the horizon, it seems as if Tesla is here to stay.