Tesla and SolarCity agree to $ 2.6 billion merger - home battery storage
Tesla, the maker of electric vehicles, and SolarCity, the leading rooftop solar installer, announced on Monday that they had agreed to pay $2.
6 billion, a company integrating household renewable energy, battery storage and automobiles was established.
"Solar and storage are at their best when combined," the companies said in a joint statement . ".
Tesla announced its initial offer to buy SolarCity on June.
Tesla Chief Executive Elon Musk is also the chairman of the solar city.
The deal will be all shares, with solarcity worth $25.
37. shareholders receive 0.
Tesla has 11 shares of each SolarCity stock.
It will end in the last quarter of 2016 and will be approved by the regulatory authorities and voted by shareholders.
The companies said they could get $0. 15 billion in cost synergies in the first year after the deal.
"This is actually part of addressing sustainable energy issues," Musk said in a conference call on Monday . ".
"That's why we all do this, and that's trying to accelerate the arrival of a sustainable energy world, which I think is an important step in that direction.
He also noted that the combined company will market solar and battery combinations to 3 million customers visiting Tesla's 190 stores.
"It's clear that the combination of solar energy and storage will be able to provide energy at a lower cost than traditional energy sources," SolarCity Chief Executive Lyndon Reve said . " Said during the call.
Skeptical about the deal, Tesla shares fell when it was announced in June.
But as part of a broader long-term partnership, Musk has strongly defended it.
A clean energy vision or his "master plan ".
"A key factor in linking the sale of rooftop solar energy to the sale of electric vehicles is that last year Tesla released its home battery Powerwall, which has aroused strong interest.
SolarCity then quickly said it would install poweralls next to some home solar cell arrays.
"We hope to deploy the battery to all of our solar systems by the end of ten years," SolarCity's joint
The founder, I was told.
Of course, Tesla's super factory, a huge solar energy-
The covering device in the Nevada desert was designed to produce lithium-ion batteries (
For electric cars and home storage systems)
Strive to reduce costs and increase sales significantly.
With the company's announcement on Monday, there was a graphic showing a potential motivation --
The concentration of carbon dioxide in the atmosphere is now far more than 400 parts per million.
It is not clear whether the world will solve the problem quickly enough or which technologies will benefit from change, but Tesla and SolarCity have just played an important role in the future.
Or as Musk said recently in a blog post about his "master plan", getting energy in a sustainable way "isn't a stupid, hippie thing --
This is important to everyone. ”