SolarCity Stories September 24, 2019
Tesla’s stock (TSLA) took a big hit this morning while the rest of the market was up and it comes as a lawsuit brings more scrutiny to the SolarCity acquisition and Elon Musk’s involvement. expand full story
SolarCity Stories November 13, 2017
SolarCity was once, without a doubt, the leading name in residential solar power in the United States. Solar leasing was 72% of residential installations in 2014 – and the largest lessor, SolarCity, had a 34% market share of all solar installed, leased and sold. The second largest company, Vivint, was less than half their size.
Today, even after adjustments in strategy due to broader market shifts that started in 2014, and alterations of sales reachout techniques as part of their sale to Tesla, they are still the residential volume leader but their heading has definitely changed.
SolarCity Stories November 1, 2017
In Tesla’s Q3 2017 earnings report, they gave an update on their ‘Tesla Energy’ division. They highlighted being on track to meet the 100-day deployment deadline of the 100MW/129MWh energy storage project for South Australia. Mention was made of the work being done in Puerto Rico in the aftermath of Hurricane Maria – ‘solar panels, Powerpacks and hundreds of PowerWalls.’
Additionally, Tesla – at multiple points – pointed toward a future of more revenue from energy generation and storage. 11% of the quarter’s revenue came from the Tesla Energy division.
SolarCity Stories May 16, 2017
Since Tesla acquired SolarCity in November 2016, there’s been a gradual integration of the solar installer into Tesla, which included some significant layoffs and restructuring.
CEO and co-founder of SolarCity, Lyndon Rive, who is also Tesla CEO Elon Musk’s cousin, transitioned to Vice-President of Tesla Energy, which now includes both energy generation and storage.
The executive announced this week that he will be leaving Tesla this summer to start a new company. expand full story
SolarCity Stories March 2, 2017
When Tesla acquired SolarCity last year it boosted its headcount to over 30,000 employees and it’s still the case, but barely due to restructuring at the solar installer.
At the end of 2015, SolarCity had 15,273 employees and now Tesla disclosed in its latest SEC filing that the count went down by ~20% to 12,243 full-time employees. expand full story
SolarCity Stories February 22, 2017
Tesla has made its first quarterly announcement since it purchased SolarCity in late 2016. Understandably, it seems SolarCity’s own Gigafactory has been renamed Gigafactory 2. The SolarCity integration being an ongoing process warranted notice in the header lines of the document – with this first page quote reiterating the logic in purchasing SolarCity:
With the acquisition of SolarCity, we have created the world’s only integrated sustainable energy company, from generation to storage to transportation.
Multiple references were made to bettering the cash positions of the company by focusing solar power sales on cash deals that generate immediate revenue versus lease sales. It was stressed that Tesla’s plan to do this was strongly underway – cash sales increased from Q3’16 to Q4’16 from 13% to 28%, while from increasing 7X from the 4% in Q4’15. Of the 203MW installed in the quarter – 56MW were cash sales totaling $77 million. Those $77M were added in only six weeks – $500-667M in cash sales for 2017 (low end adjusted as there is always a bump in 3rd/4th quarter)?
SolarCity Stories February 7, 2017
Tesla’s SolarCity expands in Florida through its partnership with Airbnb
Tesla and Airbnb, a home-sharing platform, have been getting closer through partnerships over the last year. First directly between the two companies when they announced a new program to install charging stations at Airbnb host homes and then through SolarCity after the announcement of the merger with Tesla. The solar installer partnered with Airbnb to install solar arrays at a $1,000 discount for hosts.
Now that Tesla is expanding SolarCity’s market to Florida, it opens up the partnership to several more eligible hosts.
SolarCity Stories December 23, 2016
The critics of the Tesla-SolarCity merger were concerned of the solar company putting a strain on Tesla’s cash balance, but after the acquisition, CEO Elon Musk surprisingly said that he expects the company to contribute to its cash instead. Today, the company announced that it raised $241 million equity from its solar portfolio in a solar cash equity transaction with Sammons Renewable Energy (SRE). expand full story
SolarCity Stories December 16, 2016
Beyond Tesla and Panasonic’s collaborations in battery manufacturing at the Gigafactory in Nevada and solar cell manufacturing at the factory in Buffalo, the two companies reportedly struck a deal this week for Panasonic to manufacture complete solar panels for Tesla. The contract is reportedly significant enough that Panasonic is reopening its idled solar module factory in Osaka, Japan. expand full story
SolarCity Stories December 14, 2016
In the 3rd quarter of 2016, the United States installed 4,143 MW of solar power per a report released by Greentech Media’s Research Team – 191% greater than Q3’15. This volume represents the largest quarter in US history, even larger than the historically largest 4th quarters during the prior decade. Q1+Q2+Q3 of 2016 have already surpassed all of 2015’s total install amount. The 4th quarter is expected to be even larger – leading to 2016 overall being 88% greater than 2015. It looks like Americans installing solar power and the Department of Energy are turning their nose up to Donald Trump’s Chinese Hoax.