Friday, October 28, has been set as the date for the official unveiling of the ‘Solar Roof,’ Elon Musk’s clean energy solution relating to the Solar City project, according to a tweet by the CEO himself. He also stated this would happen in the San Francisco Bay Area.
The solar panel, which Musk is looking to place in every house, will be comprised of a Powerwall 2.0 battery and a Tesla charger. This Powerwall battery is what will keep electricity functioning in a household at night.
San Mateo, California-based SolarCity Corporation was founded by Lyndon (CEO) and Peter (CTO) Rive in 2006. The company focuses on developing and designing efficient photovoltaic systems, another word for solar-powered technologies.
Tesla product unveiling on the 17th (unexpected by most), followed by Tesla/SolarCity on the 28th
— Elon Musk (@elonmusk) October 9, 2016
Earlier this year, in June, Tesla Motors filed a proposal to acquire the company for the purpose of integrating their solar panels advancements with their electric car technologies. SolarCity accepted the proposal, selling for about $2.6 billion. The merger is still not completed, but Elon Musk already appears as Chairman of the company.
New York City firm Forward Labs recently launched a Kickstarter project for their brand of solar roofs. Tesla and SolarCity have recently shown interest in them, according to various sources. Their solar roofing principle is very similar, looking for full integration of the solar technology into the house’s exterior, making it indistinguishable.
The Tesla/SolarCity merger is a non-explicit bailout
Currently, SolarCity is in “deep trouble.” Its number of customers has allegedly gone down, and their finances are under investigation by U. S. authorities. The company has reportedly lost 70% of its stock value in the last year.
Other problems arose among clients regarding the solar panels, their installation, and customer service. SolarCity also received a $750 million credit in 2014 for a manufacturing plant, which would be settled through taxpayer’s money. This deal was shrouded in secrecy and suspicion, leading a huge part of the public away from the company.
Many financial experts currently regard Tesla’s merger with Solar City as a non-explicit bailout. Elon Musk’s entrepreneurial effort would help curve some of the Rive brothers’ debt, which is now at $3.25 billion.
To further advance the situation, the company announced in August it would attempt to fill their bond fund with money from consumers, not only banks. The Rive brothers pledged $17.5 million each to this fund, and Elon Musk gave $65 million, but with dropping sales, SolarCity will still have to make a tremendous effort to stay afloat in the coming years.
Source: Men’s Journal