Tesla has announced today that it’s in the final stages of buying solar energy firm SolarCity for its stock value of around $2.6 billion, in an agreement that was originally proposed in June.
The move will create “the world’s only vertically integrated sustainable energy company,” according to Tesla boss Elon Musk, who is steering his futuristic electric car business into the home energy storage markets with the addition of the Powerwall and Powerpack units, along with the construction of the gigantic Nevada-based Gigafactory plant.
While the signs seem promising with this move, the agreement hasn’t come without criticism. Wall Street critics are keen to highlight that Musk is currently CEO of Tesla and also holds the role as chairman of SolarCity, citing his personal interests of boosting both business off the back of each other rather than for environmental or public concern as his reason to bring the two companies together.
In his statement addressing the news, Musk forecasts that the merge could cut costs of up to $150 million in the first year for future products, a saving which would be brought down to the consumer.