Shareholders Approve Merger of Tesla and SolarCity

Pictured: Elon Musk.

Shareholders of Tesla and SolarCity today voted to approve the merger of the two companies, reports CNBC.

The vote was held during a webcasted meeting at 4 pm ET. More than 85 percent of voting shares were in favor of the merger. Elon Musk and other affiliated shareholders recused themselves from the vote.

In a statement sent by Tesla to CNBC, the company announced that “the transaction will be completed in the coming days”.

Both Tesla and SolarCity shares were up more than 2 percent in afternoon trading.

SolarCity will adopt Tesla’s name, allowing the merged companies to sell electric cars, residential PV solar cells, and the new Powerwall battery products under a single brand. Musk said he envisions an operation that dispatches a single team to install solar infrastructure, electric car chargers, and energy storage batteries in one visit.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


A Traders Guide to Analysis and Research

An e-book dedicated to helping you improve your analysis by looking at RBOB futures performance. ...

Storm Impact Analytics for Utilities

In recent years, increasingly volatile and extreme weather events have significantly impacted the...

Reach New Heights: Six Best Practices in Planning and Scheduling

These 6 best practices have created millions of dollars in value for many global companies. Learn...

Making DDoS Mitigation Part of Your Incident Response Plan: Critical Steps and Best Practices

Like a new virulent strain of flu, the impact of a distributed denial of service (DDoS) attack is...