SolarCity Corp. (SCTY) - NASDAQ
  • Sat, Jul. 23, 11:48 PM
    • Tesla Motors (NASDAQ:TSLA) and SolarCity (NASDAQ:SCTY) are close to locking in terms on a merger, according to a fresh report from Reuters.
    • Sources indicate that final discussions and the due diligence process could end within days.
    • It's still unclear if SolarCity will land a go-shop provision which will allow it to press for other bids.
    • SolarCity closed at $26.45 on Friday vs. the proposed buyout range from Tesla of $26.50 to $28.50.
    | Sat, Jul. 23, 11:48 PM | 191 Comments
  • Tue, Jun. 28, 9:16 AM
    • Calling the bid for SolarCity (NASDAQ:SCTY) "ill-timed," now former bull Bill Selesky from Argus downgrades Tesla (NASDAQ:TSLA) to Hold from Buy. Tesla is also removed from Argus' Focus List.
    • Should it happen, the deal, he says, pushes out the time needed for Tesla to generate a GAAP operating profit.
    • "While we believe that Tesla has made significant strides in addressing issues concerning high manufacturing costs, contracting gross margins and production shortfalls, we also believe that the proposed acquisition of SolarCity adds a new level of meaningful risk to the operations at Tesla Motors."
    • TSLA's 1.6% premarket gain is about inline with the averages. SCTY +3.05%
    | Tue, Jun. 28, 9:16 AM | 53 Comments
  • Mon, Jun. 27, 5:01 PM
    • The committee of independent directors is made up of Donald Kendall and Nancy Pfund, with Kendall serving as chair. Skadden, Arps has been retained to assist.
    • The two have the exclusive authority to evaluate the Tesla (NASDAQ:TSLA) proposal against stand-alone opportunities and/or other strategic alternatives.
    • Several of the SolarCity (NASDAQ:SCTY) board, of course, have had to recuse themselves from any decision-making on the deal as they're Tesla directors as well.
    | Mon, Jun. 27, 5:01 PM | 66 Comments
  • Sun, Jun. 26, 5:19 AM
    • Two additional SolarCity (NASDAQ:SCTY) board members are recusing themselves from making decisions regarding Tesla's (NASDAQ:TSLA) offer to buy the solar power firm since they sit on the boards of both companies.
    • The announcement by Musk relative Peter Rive and Tesla CTO JB Straubel means the majority of SolarCity's seven-person board will be sitting out the vote on whether to be acquired by Tesla.
    | Sun, Jun. 26, 5:19 AM | 86 Comments
  • Wed, Jun. 22, 4:06 PM
    • "A shameful example of corporate governance at its worst," says Jim Chanos, commenting on Tesla's (TSLA -10.5%) offer to buy SolarCity (SCTY +3%).
    • He notes SolarCity's bonds yield 20%, suggesting a company in financial distress. The hundreds of millions in cash it is burning through each quarter will now be a burden Tesla owners will have to bear.
    • Consider this, he says: The combined market drop today is greater than the equity value of the deal itself - meaning Tesla shareholders think SCTY stock is essentially worthless.
    • "Finally, it is hard for me to believe that this deal was not being contemplated when Tesla, and Mr. (Elon) Musk himself, sold shares just a few weeks ago."
    • Chanos, of course, is short the stock of both companies.
    | Wed, Jun. 22, 4:06 PM | 148 Comments
  • Tue, Jun. 21, 6:54 PM
    • Elon Musk considers Tesla's (NASDAQ:TSLA) potential deal for SolarCity (NASDAQ:SCTY) a "no brainer" that would transform TSLA into "the world's only vertically integrated energy company offering end-to-end clean energy products to our customers," from solar panels and home storage batteries to electric vehicles.
    • SCTY investors like the idea, of course, sending shares +15% AH, but TSLA shareholders clearly are skeptical; TSLA now -11%.
    • CNBC Fast Trader Tim Seymour says the deal's timing of the deal seems "distracting," citing TSLA's struggles to meet sky-high expectations for deliveries and its mass market car.
    • Some back of the envelope math from Ben Levisohn at Barron's points to another dilution - this time to the tune of ~12M shares - after raising money last month for the Model 3 build.
    • "This deal defies common sense," writes Heard On The Street's Spencer Jakab: "Banding together with another cash-hungry business simply because it is also green and may one day make use of Tesla’s batteries may excite some investors and burn short sellers in SolarCity’s stock. But, as Mr. Musk warned about his amphibious wonder car, such harebrained schemes can only float 'for short periods of time.'”
    | Tue, Jun. 21, 6:54 PM | 194 Comments
  • Tue, Jun. 21, 5:30 PM
    • Solar City (NASDAQ:SCTY) +22.3% AH after Tesla (NASDAQ:TSLA) says in a blog post that it has made an offer to acquire the company; TSLA -10% AH.
    • TSLA proposes an exchange ratio of 0.122x to 0.131x shares of Tesla common stock for each share of SCTY, which represents a value of $26.50-$28.50/share, or a 21% premium over today's closing price.
    • TSLA says its proposal builds on a partnership between the two companies where SCTY uses TSLA battery packs as part of its solar projects.
    | Tue, Jun. 21, 5:30 PM | 496 Comments
  • Jun. 17, 2014, 10:27 AM
    • No one ever accused Elon Musk's companies of thinking small: In a blog post discussing SolarCity's (SCTY) acquisition of module developer Silevo, the company states it's in talks with the state of NY to build an initial module plant with "a targeted capacity of greater than 1GW."
    • Moreover, the company will later build "one or more significantly larger plants at an order of magnitude greater annual production capacity."
    • SolarCity, in remarks that bring to mind Tesla's Gigafactory plans: "Our intent is to combine what we believe is fundamentally the best photovoltaic technology with massive economies of scale to achieve a breakthrough in the cost of solar power."
    • In spite of today's module capacity glut, SolarCity asserts shortages are only a matter of time as solar demand grows, in the absence of huge investments. SolarCity has thus far relied on 3rd-party module suppliers for its installations.
    • Silevo claims its Triex technology enables solar cells with 22%+ efficiency and 5%-12% greater energy harvest in arid climates, while remaining cost-competitive with low-cost silicon cell producers. The company has been eying both residential/commercial and utility-scale projects.
    | Jun. 17, 2014, 10:27 AM | 33 Comments
  • Jun. 17, 2014, 9:25 AM
    • SolarCity (SCTY), has signed a definitive agreement to buy Silevo, a solar technology and manufacturing company who specializes in cost-effective high performance solar modules.
    • CEO Lyndon Rive will host a conference call to discuss the proposed acquisition today at 10 a.m. EST.
    | Jun. 17, 2014, 9:25 AM | 4 Comments
  • Jan. 15, 2014, 12:18 PM
    • SolarCity (SCTY +4.1%) has acquired Common Assets, developer of a Web-based investment platform that allows retail investors and small companies to provide debt-based financing for solar projects. Traditionally, only major financial institutions have been able to make such investments. (PR)
    • SolarCity, which says it's now responsible for nearly a third of new residential U.S. solar installations, has already been pushing the envelope when it comes to solar financing. The company began selling solar asset-backed debt in November at fairly low interest rates.
    | Jan. 15, 2014, 12:18 PM | 4 Comments
  • Oct. 9, 2013, 8:09 AM
    • The all-stock deal has SolarCity (SCTY) purchasing one of its main component suppliers - Zep provides mounting systems for solar installations.
    • "Zep Solar's product allows each of our crews to install significantly more solar every day, and it looks better on the roof than any comparable product we've seen. By acquiring Zep Solar, we can deliver solar electricity at a lower cost than was previously possible."
    • Zep CEO Mike Miskovsky will remain in charge of the company.
    | Oct. 9, 2013, 8:09 AM
  • Aug. 13, 2013, 11:31 AM
    • SolarCity (SCTY +1.3%) will acquire channel partner Paramount Solar for $116.3M in stock and $3.7M in cash.
    • The deal gives SCTY what CEO Lyndon Rive calls "the best virtual sales organization in the solar industry." (PR)
    • SCTY updates FY13 guidance to 278 MW (from 270 MW).
    | Aug. 13, 2013, 11:31 AM
Company Description
SolarCity Corp. engages in the business of renewable energy services. It offers installation, ongoing monitoring and repair services of solar energy systems in the U.S. The company provides services to homeowners, businesses, schools, non-profits and government organizations. SolarCity was... More
Country: United States