SolarCity to Acquire Module Manufacturing Company Silevo

SolarCity Corp. has signed a definitive agreement to acquire Silevo, a solar technology and manufacturing company whose modules have achieved a unique combination of high energy output and low cost. The transaction was announced, and its significance described in detail, in a post from SolarCity Chairman Elon Musk, Co-founder and Chief Technology Officer Peter Rive and Co-founder and Chief Executive Officer Lyndon Rive on SolarCity’s blog, available at: http://blog.solarcity.com/silevo/. For additional details regarding the proposed acquisition, please review SolarCity’s current report on Form 8-K filed today with the Securities and Exchange Commission.

From the blog from SolarCity officials:

“Our intent is to combine what we believe is fundamentally the best photovoltaic technology with massive economies of scale to achieve a breakthrough in the cost of solar power. Although no other acquisitions are currently being contemplated, SolarCity may acquire additional photovoltaics companies as needed to ensure clear technology leadership and we plan to grow internal engineering significantly.

“We are in discussions with the state of New York to build the initial manufacturing plant, continuing a relationship developed by the Silevo team. At a targeted capacity greater than 1 GW within the next two years, it will be one of the single largest solar panel production plants in the world. This will be followed in subsequent years by one or more significantly larger plants at an order of magnitude greater annual production capacity.”

[source: http://solarbuildermag.com/news/solarcity-acquire-module-manufacturing-company-silevo/]