Connect with us

Hi, what are you looking for?

CleanTechnica

Clean Power

$90 Million In SolarCity Bonds Purchased By Elon Musk’s SpaceX

Elon Musk’s SpaceX has just invested in Elon Musk’s SolarCity’s solar bonds to the tune of $90 million dollars, according to reports out this week. SolarCity launched its solar bonds program in 2014. They allow members of the public to invest in SolarCity without buying stock. SolarCity recently took their bonds to a new level by partnering with an investment company to make them available for retirement investing.

solarcity

Writing on the SolarCity blog, Tim Newell explained:

We are excited to announce that SpaceX has invested $90 million in solar bonds. Solar bonds are issued – and backed – by SolarCity and powered by monthly solar payments from thousands of solar customers across the country. SpaceX is effectively getting paid by the sun.

SpaceX CFO Bret Johnsen bought the bonds online, directly from SolarCity. After reviewing the investment materials, it took less than 10 minutes to set up an account and order the bonds.

Newell is VP of Financial Products at SolarCity.

It’s a little mind boggling that $90 million was invested online in less than ten minutes.

One thing that ties SolarCity with SpaceX, as noted at the top, is Elon Musk. Musk founded the space exploration company in 2002 and is its CEO and Chief Designer. He is a cousin of SolarCity’s co-founder and CEO Lyndon Rive, and is also one of the largest SolarCity investors and its Chairman. SpaceX became a large SolarCity investor too, and very rapidly. Of course, Musk is also the CEO of Tesla, and Tesla apparently will get deeper into the energy storage business by making its own home batteries, which it’s presumed will be used by SolarCity, perhaps as part of its new microgrid service.

SpaceX invested in the solar bonds to get a good return and SolarCity receives more capital to use for expansion as a result. The solar power company has about 9,500 employees now, and hired 4,000 new ones last year.

SpaceX is profitable, so it might be able to continue to invest in SolarCity. It is at least conceivable that the interest SpaceX makes on the solar bonds could be reinvested in more of them.

Image Credit: SolarCity

 
Appreciate CleanTechnica’s originality and cleantech news coverage? Consider becoming a CleanTechnica Member, Supporter, Technician, or Ambassador — or a patron on Patreon.
 

Don't want to miss a cleantech story? Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!
 

Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.
Advertisement
 
Written By

Hello, I have been writing online for some time, and enjoy the outdoors. If you like, you can follow me on Twitter: https://twitter.com/JakeRsol

Comments

You May Also Like

Aviation

Taylor Swift, Kylie Jenner, Elon Musk. They are all at it. For a long time stars have been getting away with it. But in...

Cars

“Our team is dedicated to improving driving safety,” Tesla said in a post noting the victory. “Achieving some of the highest safety scores ever...

Cars

California’s ban on gas car sales is just under a decade and a half away, but most automakers still have a ways to go...

Autonomous Vehicles

Tesla’s AI Day livestream event is supposed to start in about 5 minutes. We’ve published some articles leading up to today’s event about what...

Copyright © 2021 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.