SolarCity has recently signed an agreement to acquire Silevo, a solar panel manufacturing and technology company. Silevo is responsible for creating solar panel modules that have both high levels of energy output and low cost of production. With this acquisition, and approval from the state of New York, SolarCity is set to build one of the largest, and most advanced, solar panel plants in the world.
The goal of the leaders of the big energy efficiency manufacturer is to combine what they believe to be the best photovoltaic technology with expansive economies of scale to achieve a new threshold in the affordability of solar power. SolarCity also stated that, although no other acquisitions are currently contemplated, they would acquire additional photovoltaics manufacturers and developers if necessary.
The leaders of the solar panel manufacturer are currently discussing the project with the state of New York to construct the initial manufacturing plant. Key members of the Silevo team are still in positions of power in the company. SolarCity is also looking forward to build more significant solar panel plants in subsequent years following the success of the one in New York. The solar harnessing manufacturer wanted to address the issue of an overabundance of supplier capacity that is evident in the current solar industry market. There is a greater emphasis on developing high quality efficient panels as opposed to a series of substandard panels in abundance.
At an estimated capacity of one GW within the next two years, the New York plant that SolarCity will be building is one of the largest solar panel production plants in the world. SolarCIty’s leaders -Elon Musk, Peter Rive, and Lyndon Rive- stated that they founded the company in order to accelerate mainstream adoption of sustainable energy. According to the founders, the sun is a highly convenient and free fusion reactor in the sky that radiates more energy to Earth in a couple of hours than the entire human population consumes in a year.
They continued to say that if this energy is utilized and coupled with batteries (to exhibit power at night), they can produce exponentially more electricity than the entire history of human civilization. SolarCity’s founders believe that solar power will be the most dominate resource in their lifetime, but to do this they will need to install and develop “a lot” of solar panel plants. They described that their power plant build in New York, which would be one of the largest solar panel plants in the world, would be small in comparison to what needs to be achieved in order to make the perpetual resource Earth’s most utilized.
SolarCity’s confidence is made apparent after they described that their projections to acquire more photovoltaic companies, improve affordability, grow internal engineering capacities, lower cost on manufacturing, improve cell efficiencies and cost, and augment demand for the technology are not grandiose “forward-looking” statements, but expectations for the company. They expect that, at the very least, the solar industry will generate 40 percent of the world’s electricity with photovoltaics by 2040.
By Andres Loubriel