SolarCity Corp (NASDAQ:SCTY) has appointed Jonathan Shulkin to its board of directors, according to the solar company’s SEC filing. Effective March 20, 2014, Mr. Shulkin is serving as a Class III director. He will stand for reelection during the company’s annual shareholders meeting in 2015. SolarCity has also named Shulkin as a member of its Audit Committee.
SolarCity’s new director has extensive experience in finance
Jonathan Shulkin holds a BBA in accounting from the University of Texas. He has worked as a managing director at the private equity firm Valor Equity Partners since 2002. Shulkin became the chief financial officer of Valor Equity in 2004, and its chief compliance officer in March 2012. Notably, Valor Equity Partners is also an investor in SolarCity Corp (NASDAQ:SCTY). On February 24, SolarCity appointed Tanguy Serra as its chief operating officer.
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Backed by visionary entrepreneur Elon Musk, SolarCity Corp (NASDAQ:SCTY) announced better than expected fourth quarter results last week. The San Mateo-based company’s Q4 revenues almost doubled to $47.3 million as it installed 103 megawatts of new solar systems during the three-month period. SolarCity estimates the current year panel installations to reach 475-525MW.
SolarCity faces roadblocks in California
However, SolarCity Corp (NASDAQ:SCTY)’s ambitious home-battery project in California is facing roadblocks. For about two years, the company was planning to link battery packs to rooftop solar panels. Those batteries store electricity, which can be used later. But utilities in California have been reluctant to provide grid interconnections for battery-connected solar systems. More than 500 customers have signed up for its pilot project, but utilities have permitted only 12 customers to connect to the grid. Frustrated, SolarCity had to halt the installation and connection of solar systems in California.
SolarCity Corp (NASDAQ:SCTY) shares rose 0.77% to $63.06 in pre-market trading Tuesday. The stock has gained more than 244% over the past 12 months. A correlation between SolarCity and Tesla Motors Inc (NASDAQ:TSLA) shows that the Elon Musk effect has been a driving force behind the rally in both stocks.