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Tesla Finalizes Solar City Acquisition Tesla / Solar City

Tesla Finalizes Solar City Acquisition

Tesla’s shareholders have overwhelmingly approved our acquisition of SolarCity. Excluding the votes of Elon Musk, Tesla’s CEO, and other affiliated shareholders, more than 85% of shares voted were cast in favor of the acquisition. A Nov. 1 Tesla blog post said it expects SolarCity to add more than half a billion dollars in cash to Tesla's balance sheet over the next three years and to contribute more than $1 billion in revenue in 2017."

Musk has big plans for solar expansion and in late October he showed off new solar products that illustrate his vision for the combined companies.  According to a Tesla press release, the main product was a solar roof that looks like a normal roof, but contains solar cells. “The solar roof comes with four separate shingle options to cater to different housing aesthetics,” the release said.

The solar cells for the roof will be made by Tesla and Panasonic at a factory in Buffalo, New York. The Buffalo plant is scheduled to begin production at the end of 2017. Tesla will offer traditional solar panel installation in addition to its solar roof option.

Musk also unveiled an improved version of Tesla's at-home battery in October. Called the Powerwall 2.0, it can store 13.5 kWh of energy.

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