Tesla's acquisition of solar energy provider SolarCity closed Monday in a deal worth almost $2 billion. Tesla shareholders voted unanimously in favor of the deal Thursday, making Tesla the world's first vertically integrated energy company.
"We look forward to showing the world what Tesla and SolarCity can achieve together," Tesla said in a statement issued shortly after 85% of Tesla shareholders voted to approve the acquisition that had first been proposed in June.
SolarCity is the country's largest solar energy provider. Headquartered in San Mateo and led by Elon Musk's cousin, Lyndon Rive, the company installed almost 110,000 rooftop systems in 2015.
The SolarCity acquisition is critical to Elon Musk's vision of making a fully sustainable lifestyle affordable and convenient for the masses. Starting next year, Tesla customers could purchase a SolarCity solar roof, a PowerWall battery electric storage system and an electric vehicle all under one roof.
Tesla first began piloting the solar energy integration system in December 2013, when the electric vehicle maker partnered with SolarCity and the electricity utility, Southern California Edison, to offer Tesla batteries as an energy storage system for SolarCity customers who purchased a solar roof for a home or business.
In March 2015, Tesla commercialized the idea with Tesla Energy, introducing its PowerWall and PowerPack renewable energy storage systems using Tesla batteries.
This year, Tesla has put together the remaining pieces of the puzzle. In March, it unveiled the mass-market Model 3 battery-electric sedan, with a price tag of $35,000 and a production date of late 2017. And in October, it unveiled a new Solar Roof that seamlessly integrates rooftop solar by turning the photovoltaic system into rooftop shingles; installations are scheduled to begin in 2017.