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SolarCity (NASDAQ: SCTY) shares are moving higher Wednesday after Elon Musk announced the ideas of Tesla’s (NASDAQ: TSLA) gigafactory will be extended to SolarCity.

SolarCity on Tuesday announced the acquisition of Silevo for $200 million of stock and up to an additional $150 million in milestone payments. Silveo is a solar panel manufacturer that has been recognized for high output and low cost.

Related: Why Tesla Opened Its Patents To The Public & How It May Help The Stock

In a blog post, Musk stated that the company is talking to New York state to produce the largest solar plant in the world. Targeted capacity is 1 GW within two years.

Regarding the problem of excess supply in the industry, SolarCity addressed that the product it will be producing will be much higher quality than what is currently floating around in the industry.

Shares of SolarCity are up 4.2 percent to $67.25 on the news.

Posted-In: Elon Musk solar panels Solar PowerHot Intraday Update


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