Despite some shareholder opposition, the Tesla acquisition of SolarCity proposed by Elon Musk continues to make progress, with a new date set for a vote of the shareholders of each company: November 17. That’s the date to mark in your calendars for a more firm go/no-go signal for the deal, which would see Musk move closer to his vision of a company that can manage clean energy from production all the way through down to consumption, with the goal of making that whole process attainable for everyday consumers.
A Tesla blog update notes the vote date, and reiterates the value the company sees in the union, as summed up in this paragraph:
[A] combined Tesla and SolarCity will be able to provide the first ever opportunity to generate, store and consume energy entirely sustainably, through a suite of integrated products that add aesthetics and function while reducing cost. By leveraging SolarCity’s installation network and Tesla’s global retail footprint, we can do this in a way that is seamless for our customers and that we expect will create significant value for our shareholders.
Between now and the vote date, Tesla and SolarCity will both have ample opportunity to make the case more strongly for a combination of the vision of the two companies; a Tesla/SolarCity joint event is planned for October 28, at which we’ll see SolarCity’s solar roof product debut for the first time, as well as the next-generation home energy storage device, the Powerwall 2.0. Tesla will also be offering financial details regarding the merge plan on November 1, the company says.
Tesla has faced opposition to the proposed acquisition of SolarCity, including in the form of a shareholder lawsuit that seeks to block the deal. Musk has been very vocal about the potential benefits of bringing the two together, however, and even recently tweeted that bringing on additional funding either via equity or debt-based raises isn’t going to be necessary for either in Q4. He also includes power generation as a key component of the second phase of his “Master Plan,” the end goal of which is to make transportation sustainable, and even revenue generating for Tesla vehicle owners.
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