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Tesla-SolarCity merger: the Rive Brothers are giving up over $100 million worth of stock options

Founder & COO Peter Rive, Chairman Elon Musk , SolarCity Founder & CEO Lyndon Rive speak at the company’s IPO at the NASDAQ stock exchange on December 13, 2012 in Manhattan, New York. SolarCity is a leader of distributed clean energy and will trade under SCTY. (Mark Von Holden/AP Images for SolarCity)

Another interesting tidbit of information coming out of Tesla’s SEC filing for its proposed acquisition of SolarCity yesterday – following our reports about Tesla’s board first turning down the merger and Tesla planning another round of financing – now we learn that the Rive Brothers are going to forfeit over $100 million worth of stock options through the merger. Expand

Two more SolarCity board members are recusing from the Tesla merger vote, leaving only 3 members

tesla solarcity header

When Tesla first announced that it submitted an acquisition offer to SolarCity‘s board of director, the company made it clear that Elon Musk and Antonio Gracias will recuse themselves from voting on the $2.8 billion merger deal since they both sit on the boards of both companies.

Now we learn that two more SolarCity board members will be recusing themselves from the vote after it was determined that they didn’t “meet the requirements for independence”.

The two SolarCity directors are JB Straubel, best known for being co-founder and CTO of Tesla, and Peter Rive, SolarCity co-founder and CTO, but also cousin to Elon Musk. Expand

SolarCity plans on producing $0.50/Watt solar modules with at least 20% efficiency


Yesterday SolarCity released a SEC filing listing the milestones its co-founders need to achieve to vest tranches of shares of their new performance-based compensation plan. The milestones reveal some ambitious goals for the solar installer.

For example, the first milestone is to achieve a cost of production of $0.50/Watt for solar modules with at least 20% efficiency. Expand

Panasonic and Solar City would be likely partners in Tesla’s US Battery ‘Giga-factory’


Tesla CEO Elon Musk yesterday said that the company was partnering with other companies in building its battery Giga-factory, a plant that he said that is far larger than any other battery factory on earth. Why? If Tesla is going to go mas market with its Model E, it is going to need to get far more battery power than is available on earth right now.

Musk said they were looking for a US state where the factory was going to be built and would announce plans at next month’s Q4 earnings call. He also said Tesla would be partnering with ‘other companies’ on the plant.  Here’s why I think Tesla will partner with Solar City and Panasonic on the plant: