Tesla buys Solarcity for £1.96 billion
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August 25, 2016 at 9:53 AM
Tesla has bought solar energy company Solarcity for close to £1.96 billion in order to integrate its technology into the charging systems of Tesla cars.
Solarcity is an American company responsible for designing, making and supplying solar power systems for houses and business. Tesla has said the company's technology is well suited to supplying energy for its electric cars.
The deal will see Tesla become a completely 'vertical' energy company, providing customers with everything from the power source to the car itself.
It said: “With your Model S, Model X or Model 3, your solar panel system, and your Powerwall all in place, you would be able to deploy and consume energy in the most efficient and sustainable way possible, lowering your costs and minimising your dependence on fossil fuels and the grid.”