- SolarCity co-founder Peter Rive is reportedly leaving Tesla a little more than eight months after the electric car company bought SolarCity, a renewable energy outfit, in a $2.6 billion deal. Peter Rive’s younger brother Lyndon Rive announced his own resignation from Tesla in May to pursue a new, unnamed venture. The brothers started SolarCity in 2006 with $10 million in support from their cousin Elon Musk.
Peter Rive had been vice president of solar products at Tesla, overseeing its development of solar roof tiles, which are reportedly slated to begin production this summer. Those duties will now fall to Tesla’s larger engineering team, per a statement from the company.
In defense of its acquisition of the debt-laden SolarCity, Tesla asserted in November that the deal would add some $500 million in cash to its balance sheet over the next three years and contribute about $1 billion to revenue this year. Shortly thereafter, SolarCity announced 3Q 2016 revenue of $201 million, representing 76% YoY growth.
Article by PitchBook