Boston, MA 09/05/2014 (wallstreetpr) – SolarCity Corp (NASDAQ:SCTY), the U.S. No.1 solar panel installer, yesterday announced huge expansion plans. It said that it expects to open 20 new facilities, spread across seven states, by the end of 2014.
New Operation Facilities
SolarCity’s customers have increased by over three times through the second quarter of this year, as compared to the second quarter of 2013, the company informed. With the surge in customer base, the San Mateo, California-based company made another expansion plan on Thursday. Solarcity Corp (NASDAQ:SCTY) expects to establish its new operation centers in New York, Nevada, Massachusetts, Maryland, Delaware, California and Arizona. It anticipates that the regional facilities would create as many as 600 employment opportunities. The company seeks to bring expenses down by cutting service and deployment drive times. The investors-favorable news resulted in a 5% increase in the company stock, which closed at $70.95 on the day.
Rapid Expansion
The company has been growing rapidly and has also started its first facility in Nevada within the previous six months time. It has already started installations in the state, with operation centers in Delaware, Massachusetts, Maryland, along with some new operation centers at other places. The company has an employ count of over 7,000 in the U.S.
Apart from the expansions, Solarcity Corp (NASDAQ:SCTY) had also recently announced its Silevo acquisition plan. With the take-over, it aimed at further expansion in the manufacture of new panel factories. Elon Musk, entrepreneur, Chief Executive Officer of Telsa Motors Inc (NASDAQ:TSLA) and the largest shareholder of SolarCity, sees the acquisition as a big opportunity for the company. He said the move will allow the company to manufacture low cost and efficient panels in huge volumes, so as to meet the supply demand. SolarCity is also targeting to build the world’s biggest solar panel factories in New York state within the next couple of years.
