November 24, 2017

Electric car maker, Tesla Motors to buy SolarCity for $2.6-billion

Tesla Motors, a company chaired by Elon Musk, a South African who is now resident in the USA, is at an advanced process of buying SolarCity, a specialist in solar energy solutions, according to Wall Street Journal.

Musk’s ultimate objective of buying SolarCity is to combine solar, energy storage and transportation under one roof and create the world’s first integrated sustainable energy company.

The deal is subject to approval of two third of shareholders.

Tesla’s relevance to Africa is that its founder, Musk is passionate about bringing affordable alternative energy to developing countries. At the moment he is involved in research in finding large scale power storage solutions which can be used as a substitute to “conventional” power sources. The last time African Mining Brief Online heard was that the initiative was “progressing impressively”.

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