Tesla has announced plans to spend $500 million to build a supercomputer named "Dojo" in Buffalo. The new supercomputer will be able to process millions of terabytes of data from Tesla’s electric vehicles in Buffalo's Riverbend Gigafactory.

That data will allow the company to improve the safety and engineering of its full self-driving and advanced driver-assisted vehicles. Tesla’s decision, according to a release from the state, was informed by New York’s power supply, talent pipeline and availability of usable space for the project.

"It is time to right the wrongs of the past, and we are doing so by continuing our commitment to re-building and uplifting the communities around the state," Gov. Kathy Hochul said. "These investments will help to revitalize our beautiful downtowns, create jobs to support the local economy, and provide New Yorkers with more opportunities and options for a fulfilling life ahead."

This comes after Tesla CEO Elon Musk called the project a "long shot bet" last April.

The company considers "Dojo" a potential key to building a marketable self-driving car.