It was no secret that Elon Musk and his company, Tesla, wanted to get into the solar business. Now that dream is a reality, as Tesla’s deal with affordable solar company SolarCity has been approved by Tesla and SolarCity shareholders.
A story on TechCrunch posted a very brief statement by Tesla on the acquisition of SolarCity.
“We’re pleased to announce that Tesla’s acquisition of SolarCity closed this morning.”
The deal was approved by shareholders of both companies. It’s an all-stock deal, which valued SolarCity at $2 billion. It had originally been valued at $2.6 billion in August when the potential deal was announced, but share prices have fallen over the past few months.
Musk has been showing off his desire to make house and building roofs out of solar cells, so design and function become one. It’s the first step Musk and Tesla are taking to provide customers with their own ways to create renewable energy and eventually cut down on heating and cooling costs.
Production on the new cells were thought to originally start as early as mid-2017, and with the acquisition of SolarCity, that looks like a reasonable timeline.