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Tesla Makes $2.8 Billion Stock Offer for Solar Panel Maker
Tesla Motors Inc. is offering as much as $2.8 billion in stock to acquire San Mateo, Calif.-based solar panel manufacturer SolarCity Corp.
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Tesla Motors Inc. is offering as much as $2.8 billion in stock to acquire San Mateo, Calif.-based solar panel manufacturer SolarCity Corp.
Elon Musk is the chairman of both companies. He also is their largest shareholders, with stakes of 26% in Tesla and 22% in SolarCity. He has recused himself from voting about the deal at either company.
Musk told reporters on Tuesday he wants to combine both companies under the Tesla name because he believes many buyers of Tesla’s electric cars would also be interested in equipping their homes with solar power. Musk estimates that roughly 25% of Tesla car owners already have homes equipped with solar panels.
Last November Tesla rolled out Powerwall, a battery backup system for homes and small businesses. The system is offered in 6.4-kWh modules that can be ganged and used to store power from the grid or a home solar array. One 10-kWh Powerwall battery costs $5,000.
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