Tesla’s unstoppable Elon Musk, a human and Earth rights hero, is taking on the fossil fuel industry in a bigger and better way yet, after giving away his electric vehicle patents.
The energy world is not keeping up with Elon Musk, he says, so he’s trying to take matters into his own hands.
Musk, chairman of the solar installer SolarCity, announced Tuesday that his company is acquiring a solar panel maker and building factories “an order of magnitude” bigger than plants presently churning out panels, according to the Associated Press.
Terms of the deal were not disclosed, but SolarCity shares were up almost 14% in midday trading Tuesday.
Say goodbye to dirty coal and fracking, if Musk’s plans reach fruition.
"Goal is for unsubsidized solar to cost less than coal or fracked gas," Musk tweeted this week.
SolarCity won’t try turning out more of the garden-variety panels now clogging the market. Instead, it plans to make panels more efficient at a lower cost in huge factories to reduce the overall cost of solar electricity. The new relatively complex panels generate more power per square foot than typical panels.
SolarCity is negotiating with the state of New York to build what would be among the largest factories in the world over the next two years.
Musk plans to manufacture enough panels each year to produce 1 gigawatt of peak power — roughly enough panels to outfit 200,000 homes with a typical-sized rooftop system.