Tesla Motors Inc Changes To Tesla Inc; Silicon Valley Company Aims To Become Diversified Energy Products Company

Feb 06, 2017 10:40 PM EST | Lasitha

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Tesla Motors Inc is what the next generation electric car manufacturer was called. However, it does seem that the company has more elaborate plans. As a part of this, its name was changed to "Tesla Inc."

It is reported that this is a part of the plan where the Chief Executive Elon Musk aims at transforming the company from an electric car maker to a diversified energy products company. This is not the first time that the company has soon interest in venturing into other forms of energy products.

In October 2016, Elon Musk introduced a new way in which solar energy can be harvested. He demonstrated what a new concept of solar-powered roof tiles. These tiles will replace the traditional solar panels and are much more effective in harvesting solar energy, according to MSN.

Also, the solar powered roof tiles provide energy for a longer duration. The end result would be a home battery that lasts much longer. This concept was devised after Tesla combined the technology with which the electric car and the battery maker operated with the technology of SolarCity Cory which is a solar panel installer, reported Reuters.

Elimination of the traditional solar panels will in the long run cut costs to a great extent. According to Tesla, the sun provides more than enough energy to supply the entire energy needs of the planet for an entire year in just one hour.

The concept of solar-powered roof tiles is conceived in the hope that this abundant energy can be captured through rooftop solar tiles at home. Using this technology, the sunlight can be converted to electricity and can be put to immediate use or even stored in a Powerwall battery.

The aim to venture into multiple energy products is what urged Tesla to join hands with SolarCity. Tesla got the approval from all the shareholders to acquire SolarCity. The deal was closed by using a stock swap deal which was worth about $2 billion. Elon Musk is the largest shareholder. Tesla Motors Inc will henceforth be known as Tesla Inc.

 

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