It’s final. Tesla Motors and SolarCity set to become one and it is going to cost $2.6 billion.
Automaker Tesla has just announced that they have finalized their merger with rooftop solar installer SolarCity.
The merger will ultimately create a company that offers renewable energy and battery storage options for home and electric vehicles under a single brand.
Elon Musk, CEO of Tesla Motors, serves as the chairman of SolarCity and his cousins Lyndon Rive and Peter Rive, are the company’s co-founders.
The news about the merger of the two companies were first circulated back in June, and in their most recent statement, where both companies said, “solar and storage are at their best when they are combined.”
“Now is the right time to bring our two companies together: Tesla is getting ready to scale our Powerwall and Powerpack stationary storage products and SolarCity is getting ready to offer next-generation differentiated solar solutions. By joining forces, we can operate more efficiently and fully integrate our products, while providing customers with an aesthetically beautiful and simple one-stop solar + storage experience: one installation, one service contract, one phone app.”
Tesla currently holds 93.5 percent of the merged companies with SolarCity holding remaining 6.5 percent.
The move to acquire SolarCity is what Elon Musk’s plan to accelerate the possibility of a sustainable energy world which for him is an important step towards achieving this vision.