Tesla Motors Inc.’s Elon Musk, already taking on the auto and aerospace industries, is going after utilities by seeking to drive down the cost of storing energy through building cheaper batteries.
The electric carmaker said in a Feb. 26 filing it’s developed a battery to store power for homes, commercial sites and utilities, the same day as announcing plans to invest as much as US$5 billion in the world’s largest battery factory. The Palo Alto, California-based company is seeking to cut the cost of lithium-ion batteries by at least 30%.
Will rooftop solar panels cause the downfall of electric utilities?Some commentators have likened the disruptive potential of rooftop solar developer SolarCity Corp (NSDQ: SCTY) to Amazon.com (NSDQ: AMZN), arguing that a new era of distributed energy is on the verge of displacing power companies the way that Amazon.com has won market share from brick-and-mortar retailers.
Solar stocks declined sharply yesterday, with major stocks like First Solar Inc. (FSLR) and SolarCity Corp. (SCTY) closing down 4.9% and 5.5% respectively during regular trading hours. Stock prices of Chinese solar companies like Yingli Green Energy Hold. Co. Ltd. (YGE) and JinkoSolar Holding Co., Ltd.
The fuel-cell manufacturers that have been Nasdaq’s three-biggest gainers in the past month continued gains Tuesday after executives predicted profitability as early as this year.
Canadian company Ballard Power Systems Inc. share were indicated as much as 15% higher in pre-market trading in New York Tuesday after a 30% gain Monday. Plug may rise 12% and FuelCell Energy Inc. by 22%, based on pre-market indications.
By Equity Flux:SolarCity Corp. (SCTY) operates in the industry of specialized semiconductors and is primarily involved in the provision of clean energy, i.e. solar energy. The company was established in 2006 and is based in San Mateo, California. SolarCity provides its solar systems to home owners, businesses and industrial clients.
SolarCity Corp. (SCTY) has made a move toward becoming a manufacturer of solar panels as the company signed a definitive agreement to acquire Silevo Inc. The acquisition cost the company a total of $200 million, and it has agreed to pay an additional $150 million contingent on certain conditions being met by Silevo.
By Sammy Pollack:Shares of solar companies are back in vogue on Wall Street. The two largest solar companies, based on market cap, are First Solar (FSLR) and Solar City (SCTY). As shown by the chart below, both FSLR and SCTY are off to a strong start in 2014.
Tesla Motors Inc. CEO Elon Musk added US$1.1 billion to his fortune Tuesday as the electric-car maker and solar power company SolarCity Corp. closed at records on investor optimism over his plans to build one of the biggest battery factories on Earth.
Musk, who leads Tesla and is both its and SolarCity’s biggest shareholder, has a net worth of US$11.7 billion, according to the Bloomberg Billionaires Index, up 10% since yesterday and US$3.8 billion year-to-date.