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Tesla, Panasonic Will Tie Up After Solar City Deal Succeeds

(Credit: Jerod Harris / Stringer) Tesla and Panasonic join hands for a Solar City deal.Tesla, Panasonic Will Tie Up After Solar City Deal Succeeds
October 18
6:00 AM 2016

Tesla together with Panasonic , agreed to begin production of photovoltaic (PV) cells for use in solar power home installations that works with Tesla's Powerwall and Powerpack solar storage products. The arrangement is non-binding at this stage, however, and will depend on the Tesla acquisition of SolarCity going through to take effect.

Should the SolarCity and Tesla deal attains victory, Panasonic will start production of PV cells and modules for Tesla at a Buffalo facility in 2017, with Tesla saying it'll make a long-term commitment to buy cells produced by the supplier. Panasonic is already Tesla's partner for producing the batteries that power its vehicles, as well as those in its home energy storage solutions.

Report says that Tesla continued partnership between itself and Panasonic is an important piece of their larger goal of creating sustainable energy product for home use, and for doing so with the best costs possible.

Tesla and SolarCity's leadership have both expressed their desire to unify the two companies under the Tesla brand. The proposed deal has seen some pushback, however, including from shareholders who filed a lawsuit opposing the union. Meanwhile, Tesla CEO and SolarCity board chairman Elon Musk is planning to reveal how a combined Tesla/SolarCity solar roof, power storage and vehicle charging solution will all work together at an event on October 28. Tesla and SolarCity shareholders will vote on the proposed acquisition on November 17.

In his drive to transform Tesla from an electric car manufacturer to a clean energy company,on 28th October Tesla CEO and SolarCity chairman Elon Musk will showcase the new SolarCity roof and demonstrate how it can be integrated with the Powerwall 2.0 battery storage system, as well as Tesla EVs.

'We are excited to expand our partnership with Panasonic as we move towards a combined Tesla and SolarCity. By working together on solar, we will be able to accelerate production of high-efficiency, extremely reliable solar cells and modules at the best cost,' commented JB Straubel, Tesla chief technology officer, and co-founder.

 

 

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