It’s official. After the approval of the shareholders for SolarCity Corp. and Tesla Motors Inc., the electric-car maker purchased the solar installer, which is a deal that moves Elon Musk one step closer to his vision to have an all-in-one outlet for clean energy consumers.
Tesla had over 85% of their shareholders vote in favor of the solar installer purchase. In a statement that was released by Tesla on Thursday, the company stated that the shareholders for SolarCity also agreed on the deal. It is valued at approximately $2 billion. It is an integration of the installer of solar rooftop panels and the maker of the famed Model S. The shareholders can see the vision that Musk has of combining two companies that are known for increasing profits and easily raising the necessary capital. Also, he wants to efficiently run the two organizations, under one roof. Since the initial offer in June to purchase SolarCity, Tesla has lost approximately $4.8 billion in market capitalization. SolarCity has lost about $86 million in value.
“We’re trying to make an integrated product. So, you have an integrated solar roof with a Powerwall and an electric car, and you just go into a Tesla store. Just say, yes, it just happens. It all works. It’s seamless, and you love it”, said Musk as he was speaking to Tesla shareholders at a Thursday meeting.
Tesla released a forecast, stating their acquisition of SolarCity will add an additional $1 billion to the revenue of both companies by next year. Within three years, they believe an additional $500 million in cash will be added to the balance sheet. It is estimated that combining the two companies’ supply chains could be an estimated $150 million within cost synergies in a year’s time.