SolarCity Corp. has signed a definitive agreement to acquire solar technology and manufacturing company Silevo.
The transaction was announced in a post from SolarCity's Elon Musk, chairman; Peter Rive, co-founder and chief technology officer; and Lyndon Rive, CEO, on the company's blog.
Following the acquisition, SolarCity is planning to build a solar panel manufacturing plant in New York, as also noted in the blog. ‘At a targeted capacity greater than 1 GW within the next two years, it will be one of the single largest solar panel production plants in the world,’ the company writes.
A profile of Silevo's photovoltaic technology can be found here.
