Tesla SolarCity Deal Approved By Shareholders
It was announced a few weeks ago that Tesla intended to acquire SolarCity for $2 billion. The deal is going to transform Tesla from an electric car company into a company that offers multiple clean energy products. The deal was subject to approval from the company’s shareholders and they have overwhelmingly voted in its favor. As a result of the vote, Tesla’s $2 billion acquisition of SolarCity has now been approved.
During a meeting with the company’s shareholders in Fremont, California, Tesla co-founder and CEO Elon Musk said that the two companies are trying to make an integrated product.
“So you have an integrated solar roof with a Powerwall and an electric car, and you just go into a Tesla store, just say yes, it just happens. It all works, it’s seamless and you love it,” he added.
The company did announce a new Solar Roof product recently which is going to be the first joint Tesla/SolarCity product. It basically replaces traditional roof shingles with those that are capable of producing solar energy. Musk has said that they will cost less than conventional shingles.
Musk said during the event for Solar Roof that the company is going to start installations of this product in volume starting mid-2017. SolarCity’s future as a standalone brand is unclear at this moment, analysts expect that it will be folded into Tesla once the deal is officially closed.
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