U.S. electric carmaker Tesla says it plans to start working with Japanese electronics company Panasonic Corp. on solar energy. Tesla said on Monday that the companies have signed a nonbinding letter of intent to begin collaborating on Panasonic's production of photovoltaic cells and modules at a facility under construction by San Mateo, Calif.-based solar-panel company SolarCity Corp. in Buffalo, N.Y. Tesla intends to provide a long-term purchase commitment for those cells from Panasonic.
By working together on solar, we will be able to accelerate production of high-efficiency, extremely reliable solar cells and modules at the best cost.J.B. Straubel, chief technical officer at Tesla
Tesla CEO Elon Musk says SolarCity's installation network and Tesla's global energy storage could provide customers with a one-stop shop for sustainable energy and transportation. The collaboration extends the partnership between Tesla and Panasonic, which includes the production of electric vehicle and grid storage battery cells at Tesla's Gigafactory. Shareholders are due to vote on the acquisition on Nov. 17.