Johana Bhuiyan for Recode: Tesla’s board of directors has just sent an offer to acquire SolarCity to the company’s CEO. In other words, the electric car company Elon Musk is the CEO of just offered to buy the solar company Elon Musk is the chairman of.
In the letter, sent to SolarCity co-founder and CEO Lyndon Rive, Tesla’s board of directors offered to buy all of SolarCity’s remaining common stock in exchange for Tesla’s common shares. That’s $26.50 to $28.50 a share, according to the board.
The stock-for-stock deal amounts to about $2.8 billion based on where Tesla stock was trading before the proposal was announced.
As of yesterday, Musk personally owns 22,160,370 shares of SolarCity. So if the respective boards of each company approves the acquisition, Musk would personally reap $587,249,805 to $631,570,545.
Tesla’s move to acquire the solar company will help Musk in his goal of accelerating the world’s transition to using completely sustainable fuels in transportation. Cont'd...
Klein® Tools 'State of the Industry' Survey Finds Electricians Have an Increased Interest in High-Tech Installations and are Seeing More Smart Homes
Julia Pyper for GTM: A growing number of electric industry leaders agree that it’s only a matter of time before renewable energy resources dominate their grid systems.
In California, it’s already a reality, said Steve Berberich, president and CEO of California Independent System Operator Corporation. On a typical day, CAISO will pull about 30,000 megawatts of energy production, with around 6,500 megawatts from solar, 5,000 megawatts from wind and another 5,000 from geothermal and other services on the system. In addition, California’s grid system has roughly 4,000 megawatts of behind-the-meter solar, which is growing at a rate of about 70 megawatts per month.
In any given day, California gets more than 30 percent its electricity from renewable energy. On many days that amount climbs to 40 percent, and on some days renewables reach 50 percent, said Berberich.
“Now we have to think about the system as a renewable energy-based system complemented by other things,” he said, speaking at the Edison Electric Institute’s annual convention this week in Chicago. Cont'd...
Opening keynote for European Utility Week 2016 to set the scene for Europe's leading smart energy event
PlugShare Partners To Launch Program To Provide Free EV Charging Stations Plus Installation To Eligible California Drivers
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