Backed by Tesla Motors Inc. (NASDAQ:TSLA)‘s CEO, Elon Musk, SolarCity Corp (NASDAQ:SCTY) looks to have found its rhythm in the green energy sector, after announcing the initiation of a massive solar project that is set to cover seven states according to Fox Business‘ Lauren Simonetti.
“And it looks like SolarCity sees better days, ahead the panel installer say it will open 20 new operational centers in seven new states. SolarCity, which is backed but Tesla Motors Inc. (NASDAQ:TSLA)’s founder Elon Musk says, the new centers are expected to create more than 600 additional jobs,” said Mrs. Simonetti.
The new centers are to be developed in Arizona, Delaware, Maryland Massachusetts Nevada and New York, as the company said in a statement. SolarCity Corp (NASDAQ:SCTY) plans to use the expansion push to improve its margins while also ensuring customers are served better and timely.
The creation of an additional 600 jobs is expected to benefit the economies of the states that will be part of the expansion drive in the process of curtailing operation costs. The announcement has already gone well with the investor’s community in Wall Street as SolarCity Corp (NASDAQ:SCTY)’s stock is already surging in the market by highs of 2.88%.
SolarCity Corp (NASDAQ:SCTY) has already announced its intention to acquire solar panel maker Silevo as part of a plan to expand its manufacturing capabilities. The acquisition of Silevo is expected to be of greater benefit to SolarCity as it will allow it to manufacture more low-cost panels in large volumes.
Plans are reportedly underway to build one of the world’s largest solar panels factories in New York that will enable SolarCity remain competitive in terms of green energy supply. The building of the solar panel factory is also part of a plan by SolarCity Corp (NASDAQ:SCTY) to pursue various avenues sure to guarantee growth in the future as demand for energy continues to grow.
Kenneth Tropin‘s Graham Capital Management held 27.0 million shares of SolarCity Corp (NASDAQ:SCTY) worth $37.63 million at the end of the second quarter of 2014.