Tesla officially acquires SolarCity

Tesla Motors officially closed its acquisition of SolarCity this morning, following approval by shareholders of both companies Thursday. SolarCity will now be de-listed from the NASDAQ stock exchange, as its shareholders are rewarded with one Tesla share for every nine SolarCity shares which they held.

According to SEC filings, shareholders representing over 85% of Tesla’s independent share capital approved the deal, and shareholders holding over 98% of SolarCity shares likewise gave their approval.

The exact dimensions of the changes at SolarCity and Tesla are hard to delineate at this time; however earlier statements by Tesla indicate that Tesla will begin offering rooftop PV systems and battery storage to its EV customers.

Additionally, the acquisition clears the way for Tesla to move forward with Elon Musk’s Solar Roof concept, and for Panasonic to take over at the SolarCity “gigafactory” under construction in Buffalo, New York. This also means that Silevo Triex heterojunction silicon PV technology is likely to replaced with Panasonic’s Heterojunction Intrinsic Thin Film (HIT) technology.

Tesla has stated that it will combine the best features of the two technologies, however aside from moving to larger wafer sizes it is unclear how Tesla could do this.