Boston, MA 06/20/2014 (wallstreetpr) – SolarCity Corp (NASDAQ:SCTY) on June 17, 2014 announced that it signed the agreement for acquisition of Silevo, a solar panel manufacturing and technology company. The aim of this acquisition is to combine the best photovoltaic technology along with the economies of scale in order to achieve some milestone in solar power cost. The company hinted that in near future, it might also acquire a few photovoltaic companies, if needed for the growth of internal engineering of the company.
Discussions with New York for building Initial Manufacturing Plant
Top executives of Solarcity Corp (NASDAQ:SCTY), on the company’s blog, said that they were holding discussions with New York State for construction of initial manufacturing plant. The target capacity of this plant will be more than 1 GW by 2016, thus making it one of the single largest solar panel production plants of the world. Thereafter, the company will build one or more than one high-capacity plants at the order of magnitude more than the annual production capacity.
Explanation from the top leaders of SolarCity
The Chairman Elon Musk; Co-founder and Chief Technology Officer Peter Rive and Co-founder and Chief Executive Officer Lyndon Rive, on the company’s official blog said that even if this industry generates 40% of the overall electricity of the world with photovoltaics by 2040; it would mean installation of over 400 GW of solar capacity per year till next 25 years.
They wrote that a lot of solar panels needed to be installed and manufactured for making solar energy as the predominant source of energy; and the announcement of the plans of Solarcity Corp (NASDAQ:SCTY) in this context was just a small effort.
The executives explained that their company was not trying to address the needs of today; but the future development of this industry. They added that there are a lot of suppliers today, but they are producing relatively low photonic efficiency solar cells and that too at exorbitant costs.
