|1 August 2016|

Elon Musk’s SolarCity company has been purchased by his Tesla car business for £2 billion, it has been announced.

The pioneer laid out his vision last month in his second Master Plan, where he flagged up the importance of bringing the two companies together.

The SolarCity blog states: “We are announcing that the two companies have reached an agreement to combine, creating the world’s only vertically integrated sustainable energy company.

“Solar and storage are at their best when they’re combined. As one company, Tesla (storage) and SolarCity (solar) can create fully integrated residential, commercial and grid-scale products that improve the way that energy is generated, stored and consumed.

“Now is the right time to bring our two companies together: Tesla is getting ready to scale our Powerwall and Powerpack stationary storage products and SolarCity is getting ready to offer next-generation differentiated solar solutions. By joining forces, we can operate more efficiently and fully integrate our products, while providing customers with an aesthetically beautiful and simple one-stop solar + storage experience: one installation, one service contract, one phone app.”