SolarCity has agreed to Tesla Motors $2.6 billion offer to buy the solar panel installer.
Today’s announcement clears one obstacle in the way of Elon Musk’s master plan for a carbon-free energy and transportation company.
“Tesla’s mission has always been tied to sustainability,” the company wrote in a letter. We launched Tesla Energy, which through the Powerwall and Powerpack allow homeowners, business owners and utilities to benefit from renewable energy storage. It’s now time to complete the picture.”
Musk is focused on the synergies, however. It would create the world’s only vertically integrated energy company offering end-to-end clean energy products, and Tesla’s design and engineering experience will benefit SolarCity, while SolarCity’s mastry of distribution and financing products will benefit Tesla.