Wed 22 Jun 2016
This could be a huge boost for both the solar panel and the automobile industry. It could finally show a way to wean the world off gasoline as a fuel and on to clean electricity. Then again it could just crash and burn. I think it is a good thing. I hope for the best.
Elon Musk’s Tesla electric car company has made an offer to buy Musk’s solar power company, SolarCity, for as much as $2.8bn in stock in an attempt to make a one-stop-shop for cleaner energy.
SolarCity, for which Musk is both chairman and its largest shareholder, is the market leader in residential solar panel installations in the US, but has about $6.24bn in liabilities, including debt.
Musk described the deal as a “no-brainer”, saying: “Instead of making three trips to a house to put in a car charger and solar panels and battery pack, you can integrate that into a single visit. It’s an obvious thing to do.”
If the deal goes through, SolarCity will adopt the Tesla brand and sell its solar panels alongside Tesla’s PowerWall home batteries to store electricity created during the day for when it is needed at night.
Go there and read. More next week.