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Tesla-SolarCity Merger ‘Overwhelmingly Approved’

Posted by Green Builder Staff

Nov 22, 2016 12:34:09 PM

Tesla’s shareholders "overwhelmingly approved" Tesla's bid to acquire SolarCity which paves the way for the two companies to offer an integrated solar roof plus energy storage product.

Tesla will start production of the solar roof next summer and should sell at the same price level as a regular roof, or lower.

From GreenTech Media:

According to a just-published blog post, "Excluding the votes of [Elon Musk] and other affiliated shareholders, more than 85 percent of shares voted were cast in favor of the acquisition. With SolarCity’s shareholders also having approved the acquisition, the transaction will be completed in the coming days."

Calling it a "conservative figure," Tesla aims to realize cost efficiencies of $150 million in the first year after closing the deal. Those savings will be driven by sales and marketing efficiencies, overhead savings and manufacturing efficiencies, according to the firm.

"The acquisition of SolarCity will create the world’s only integrated sustainable energy company, from energy generation to storage to transportation," according to a Tesla blog post published ahead of the shareholder vote. By joining forces, the companies can offer a seamless home solar plus storage solution, featuring SolarCity and Tesla's new "beautiful" solar roof technology and the Powerwall 2.0

In a Q&A following the acquisition announcement, CEO Elon Musk said Tesla would start volume production of the solar roof next summer and that the product would sell at or below the cost of a regular roof -- including labor. "The electricity is just a bonus," he said.

Read the complete story on GreenTech Media.

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