Panasonic will invest $ 256 million in Tesla solar panels

Panasonic will invest 30 billion yen (about $ 256 million) in the Tesla solar panel manufacturing plant in Buffalo, Reuters reports . This information is confirmed by official press releases on Tesla and Panasonic sites.

The Japanese will invest in the Solar Roof project, which Ilon Musk presented to the public at the end of October of this year. Production will begin in the summer of 2017, and the Mask company plans to reach the estimated capacity of 1 GW of panels per year by 2019.

On the back of investment news from Panasonic, Tesla shares rose on Tuesday by 3.5%, reaching $ 220.75 per share. Under the terms of the deal, in addition to ensuring the operation of the plant and the production of panels, Tesla has committed itself to long-term trade cooperation with Panasonic. The fact that Tesla will work with the Japanese giant was known as early as October, but then no details were revealed.
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The presence of Panasonic in the Solar Roof project can not be called a surprise. The Japanese are already exclusive suppliers of batteries for cars Tesla Model S and Model X. In addition, Panasonic is involved in the project to create Tesla gig factory for the production of batteries.

Solar Roof is a project of Tesla Motors to create photocells that can replace the roof of a house without damaging the appearance of the building, and generating electricity. The project is presented as part of a combined solution for providing private home ownership with electricity and is being promoted along with Powerwall and Powerpack drives.