Elon Musk Announces Merger With SolarCity

Aug. 3, 2016

The future of solar technology may lie in the $2.6 billion acquisition .

Elon Musk's purchase of the energy service provider, SolarCity, signals a desire to not only be a technology mogul, but also a champion of green energy.

Known famously for being the CEO of electric-car company Tesla Motors, Musk now looks to combine solar energy with backup battery systems, transitioning his focus from the automotive industry to the broader landscape of sustainable energy solutions.

The method taken by Tesla Motors, using electricity to power vevehicles instead of gasoline, is akin to the approach Musk wants to take for solar and buildings.

Currently, the company is developing an energy storage solution, Powerwall, a technology that allows homeowners to charge a battery to off the electric grid. Combining this existing Tesla product with the innovations produced by newly acquired SolarCity, has potential capabilities to create sustainable energy solutions for vehicles and buildings, according to Musk. 

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