Apple announces $1bn acquisition of solar panel maker SolarWorld

Apple has bought SolarWorld, the solar panel manufacturer behind solar roofing systems, in a $1.9bn deal that also includes an investment in battery technology.Apple has invested $1 billion in SolarWorld and a $500m share in SolarCity, the San Francisco-based electric car manufacturer that is owned by Tesla.The deal is expected to close by the end…

Published by admin inAugust 19, 2021
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Apple has bought SolarWorld, the solar panel manufacturer behind solar roofing systems, in a $1.9bn deal that also includes an investment in battery technology.

Apple has invested $1 billion in SolarWorld and a $500m share in SolarCity, the San Francisco-based electric car manufacturer that is owned by Tesla.

The deal is expected to close by the end of this month, according to people familiar with the matter.

The announcement follows Apple’s acquisition of SolarWorld earlier this year, a move that has been credited with boosting SolarWorld’s stock price to new heights.

Apple, the world’s biggest consumer electronics maker, has a long history of investments in renewable energy and has a strong commitment to clean energy, but it has struggled to turn the tide on climate change.

Apple’s chief executive Tim Cook has made a series of controversial statements about climate change, including claiming that the climate is warming and that humans are responsible.

Apple is also investing in solar roof designs by SolarCity.

Apple was the first major electronics manufacturer to announce it was investing in a solar panel company in 2009, when it bought SolarCity for $3.5bn.

Apple CEO Tim Cook said solar roofs would be “the best solution for our customers”.

Apple’s solar roof systems are made from glass, and its SolarPower technology uses photovoltaic cells that produce electricity by capturing sunlight.

Apple also plans to create a “multi-year investment in batteries”, and invest in batteries “to help reduce greenhouse gas emissions and provide the most sustainable, cost-effective batteries on the market”.

Apple and SolarCity are owned by Chinese billionaire Jack Ma, who is a major shareholder in Tesla.

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