Get Ready for Solar Roofs on Your Car : Tesla to Buy SolarCity for $2.6B
Have no doubts – your car will feature a solar roof in the very new future specially if it is a Tesla! SolarCity in a blog today announced that it will merge with Tesla and the deal will amount to $2.6B in an all stock transaction. However, as part of the agreement, SolarCity has a 45-day period known as a “go-shop”, which runs through September 14, 2016. If there are no other qualified bidders, the transaction is targeted to close in the fourth quarter of 2016.
Elon Musk recently outlined his second master plan for Tesla and solar roof has is one of the pillars that would supposedly guide Tesla’s future. Elon wants to create stunning solar car roofs with seamlessly integrated battery storage. He outlined the importance of integrating energy generation and storage within the automobile through solar-roof-with-battery product that works and also enhances overall customer experience from ordering and installation to ongoing support. Elon Musk has under fire from skeptics who are not completely sold on the SolarCity acquisition proposal. This announcement is a confirmation of the deal going forward and the seriousness of Tesla’s intention to integrate SolarCity’s technology in its autonomous battery powered cars.
But self-driving solar powered cars are not the only focus of this combined entity. As per the blog:
Solar and storage are at their best when they’re combined. As one company, Tesla (storage) and SolarCity (solar) can create fully integrated residential, commercial and grid-scale products that improve the way that energy is generated, stored and consumed.
As per the blog, Tesla will be able to provide scale to SolarCity’s Powerwall and Powerpack stationary storage products and SolarCity is getting ready to offer next-generation differentiated solar solutions. This seems to be a good move by Tesla. The value of the deal is not just in operationalizing two complementary businesses but in developing innovating solar + storage + ‘connected things’ experiences that would impact customer service but also continue Elon Musk’s journey in transforming the Internet of Things (IoT) and energy world.
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