We've been hearing a lot about the Tesla - SolarCity merger recently and it's pretty much a done deal now, after getting shareholder approval at last.
The proposed deal ran into some troubled waters back in September, when some Tesla shareholders filed a lawsuit over the buyout, but it's back on track now after both companies' shareholders voted to move forward with the merger plans.
Both Tesla and SolarCity shareholders approved Tesla's $2.1 billion all-stock bid to merge with SolarCity and create one big entity with Elon Musk at the helm. The company will sell rooftop solar panels and emissions-free cars, targeting homeowners looking for clean energy.
Shareholders Approve At Last
On Thursday, Musk told Tesla investors that their "faith will be rewarded," The Wall Street Journal (WSJ) reports, as the majority of shareholders voted in favor of the deal. More specifically, an overwhelming 85 percent of Tesla shareholders, excluding Elon Musk and other affiliated shareholders approved the merger. SolarCity offered no information regarding how many of its shareholders approved the deal.
Musk has always been confident in the Tesla - SolarCity merger and apparently for good reason - the transaction should close in the next few days.
"We would like to thank our shareholders for continuing to support our vision for the future," says Tesla. "We look forward to showing the world what Tesla and SolarCity can achieve together."
How Will The Tesla - SolarCity Merger Benefit Homeowners?
By Merging Tesla and SolarCity, Musk aims to create a clean-energy company that would give homeowners everything they need to power their cars and homes with clean energy. From Tesla's all-electric cars to batteries and solar panels, Musk has big plans for the combined companies.
Solar Roof Tiles
Musk unveiled solar roof tiles in October, offering a taste of what Tesla and SolarCity would sell as one entity. The tiled solar panels look quite different from traditional solar panels, and that's a good thing. They look like regular roof tiles, but can generate clean energy from sunlight.
The same approach has done wonders for Tesla's electric vehicles, which sold like hot cakes because they look like regular, stylish cars, but can do much more for the environment.
According to Musk, these modern roof tiles may end up costing less than a traditional roof, but it will look better, last longer and generate electricity.
With SolarCity on board, Tesla stores aim to become one-stop-shops for all-things clean energy, from solar panels to Powerwalls, Powerpacks, electric vehicles and more.
Homeowners could stand a lot to gain if they can power their home through solar roof tiles at a lower cost compared to a traditional roof, and drive all-electric Tesla vehicles with Tesla SuperCharging.