SolarCity Acquires Silevo, Plans to Build One of the Largest Solar Panel Plants in the World

On Tuesday, SolarCity announced that it has signed an agreement to acquire Silevo, a solar panel manufacturing and technology company, which specializes in producing solar panel modules that have both enhanced levels of energy output and low cost of production. With this acquisition SolarCity wants to build one of world’s largest and most advanced solar plants in the state of New York within the next two years.

SolarCity wants to build one of world’s largest and most advanced solar plants in the state of New York

SolarCity wants to build one of world’s largest and most advanced solar plants in the state of New York

On the Solar City blog, Chairperson Elon Musk along with Peter Rive (COO) and Lyndon Rive (CEO) went on to say that their goal is to integrate what they believe to be the best photovoltaic technology with expansive economies of scale to attain a new beginning in the affordability of solar power. They also stated that the company is unlikely to be followed by any further major acquisitions, although they would acquire other photovoltaics manufacturers and developers if needed.

On the Solar City blog, Chairperson Elon Musk along with Peter Rive (COO) and Lyndon Rive (CEO) said their goal is to integrate the best photovoltaic technology with expansive economies of scale to attain a new beginning in the affordability of solar power.

On the Solar City blog, Chairperson Elon Musk along with Peter Rive (COO) and Lyndon Rive (CEO) said their goal is to integrate the best photovoltaic technology with expansive economies of scale to attain a new beginning in the affordability of solar power.

The plant, which will be located in Buffalo, is expected to produce enough solar panels to generate an estimated capacity of one gigawatt (1 billion watts) of power within its first two years. It’s expected to be in full production next year and the panels will be used in home and industrial settings. SolarCity is also looking forward to construct more significant solar panel plants in the coming years following the success of the one in New York. The solar energy systems manufacturer wanted to tackle the issue of an overflow of supplier capacity that is apparent in the present solar industry market. There is much emphasis on building high quality efficient panels as opposed to a string of inferior panels in profusion.

According to SolarCity’s founders, the solar power is highly cost effective and if this energy is utilized and coupled with batteries (to exhibit power during night) they can generate more electricity than the entire history of human population. They said that their power plant in New York would be too small when compared to what needs to be achieved in order to make solar the most utilized resource on earth.

SolarCity’s confidence is made obvious after they described their projections. The goal is to cut down the cost of solar so that demand grows exponentially. The company expects that, at the very least, the solar industry will produce 40 percent of the world’s electricity with photovoltaics by the year 2040.

Christy Gren
Christy Gren is an Industry Specialist Reporter at Industry Leaders Magazine she enjoys writing about Unicorns, Silicon Valley, Startups, Business Leaders and Innovators. Her articles provide an insight about the Power Players in the field of Technology, Auto, Manufacturing, and F&B.

Recent Posts

McDonald’s expands test with McPlant Burger to 600 New Locations

McDonald’s expands test with McPlant Burger to 600 New Locations

The McPlant Burger is coming to nearly 600 McDonald’s outlets in the Bay Area and Dallas-Forth Worth starting February 14.
22 hours ago
Google’s Online Services Team Grapples with Mental Health Crisis

Google’s Online Services Team Grapples with Mental Health Crisis

In a 2019 internal document obtained by Recode, many employees attest to being demoted, ostracized, or assigned to less desirable projects for speaking out.
23 hours ago
GM Offers Fans a Sneak-Peak of the New Cadillac Escalade V-Series SUV

GM Offers Fans a Sneak-Peak of the New Cadillac Escalade V-Series SUV

The running lights, too, have a classier, sporty design. Cadillac aptly captioned the video “Power has a sound – and it’s a roar.”
2 days ago
We’re in the end of a ‘superbubble,’ says Jeremy Grantham

We’re in the end of a ‘superbubble,’ says Jeremy Grantham

The U.S. is fast approaching the end of a “superbubble” spanning across real estate, stocks, bonds, commodities, as per iconic investment guru, Jeremy Grantham.
2 days ago
Cryptocurrency Scammers Promise Fake Amazon Tokens to Rob Buyers

Cryptocurrency Scammers Promise Fake Amazon Tokens to Rob Buyers

A report by blockchain data platform Chainalysis reveals that nearly $14 billion in cryptocurrency were sent to illicit addresses in 2021.
4 days ago
Neuralink Looks for a Clinical Trial Director to Direct Its Next Step

Neuralink Looks for a Clinical Trial Director to Direct Its Next Step

Musk had previously revealed that he hopes the company will be able to address a wide range of neurological problems – ranging from addiction to paralysis.
4 days ago