Tesla is after a missing piece in its energy jigsaw with a bid to acquire US solar energy provider SolarCity.
US entrepreneur Elon Musk’s Tesla already manufactures electric cars, and provides energy storage through its Powerwall products – but those innovations mean little for sustainability without a renewable power source.
SolarCity offers a complete solar power installation service to domestic, commercial and government users in 27 US states.
If the sale is completed, Tesla will be able to offer customers a sustainable transport and energy package. The company’s stated goal is to provide ”end-to-end clean energy products to our customers,” according to a Tesla release marking the offer.
The offer is worth $26.50 (£18.07) to £19.44 per share, around 21% to 30% of the closing price for SolarCity’s shares, according to the release.
Musk is already a stockholder and chairman at SolarCity, and recused himself from voting on the proposal in the Tesla board meeting where it was proposed.