30 Dec '17, 6pm

Tesla reaches deal to acquire SolarCity

Tesla reaches deal to acquire SolarCity

“It’s really all part of solving the sustainable energy problem,” Tesla Motors Chairman Elon Musk said during a conference call. “That’s why we are all doing this to accelerate the advent of a sustainable energy world.” Musk said that the deal would accelerate Tesla's transition from electric-vehicle automaker into a fully integrated, renewable-energy products company. With solar-panel installer SolarCity on board, Tesla could integrate solar cells onto the roofs of its vehicles and pair solar panels with its new energy storage products. "[We're] anticipating several moves ahead," Musk said. Musk is the chairman and biggest shareholder of both companies. He owns a 26 percent stake in Tesla, based in Palo Alto, California, and a 22.5 percent stake in SolarCity. SolarCity is run by Musk's cousin, Lyndon Rive. But the deal still needs the approval of a majority of "disinteres...

Full article: https://www.renewableenergymagazine.com/panorama/tesla-re...

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