Analysts and investors alike are looking forward to SolarCity Corp (NASDAQ:SCTY)’s second quarter 2014 earnings conference call scheduled for Friday, August 8th. In addition to the usual presentation of financial data and company news, SolarCity execs are expected to offer more details on the recent acquisition of Silevo (announced June 16th) and plans for a solar-panel factory during the call.
Further color on the Silevo acquisition is considered particularly important because SolarCity Corp (NASDAQ:SCTY) has stated it plans to use Silevo’s new technology to develop one of the world’s largest solar-panel production facilities, with Riverbend Commerce Park in Buffalo the current front runner in the factory site selection process. The proposed commercial park would be created through New York Gov. Andrew Cuomo’s Buffalo Billion initiative, and the solar panel factory complex would enjoy the use of more than $200 million worth of public infrastructure at the site.
Solar-panel factory based on new technology
SolarCity founder Elon Musk has said Silevo’s high-output, low-cost technology is likely to make solar competitive without the major government subsidies solar power currently receives. Musk, SCTY CEO London Rive and CTO Peter Rive wrote in a joint June 16th blog post on SolarCity’s website that the planned solar panel plant is needed to address anticipated future demand for solar.
“Without decisive action to lay the groundwork today, the massive volume of affordable, high-efficiency panels needed for unsubsidized solar power to outcompete fossil-fuel grid power simply will not be there when it is needed,” they explained in the post.
Other cities also vying for SolarCity factory
Several other cities across the country — including locations in California and Texas — are also under consideration as the site for SolarCity Corp (NASDAQ:SCTY)’s new solar-panel facility. NY Governor Cuomo has been quoted as saying he’s had positive talks with Musk about the new factory coming to Buffalo, but made it clear that the project remains extremely competitive and that nothing has been finalized.
via: BizJournal
