Tesla shareholders approve buying SolarCity

According to Musk, these modern roof tiles may end up costing less than a traditional roof, but it will look better, last longer and generate electricity. “Why would you get anything else?”

Shareholders voted Thursday to approve Tesla’s plan to buy SolarCity, paving the way for Musk to bring his two sustainable energy businesses together under the same solar-paneled roof. Musk showed off four seperate solar roof shingle options, which were made with glass developed by Tesla’s new glass division.

Tesla has talked up how important the deal is to the future of both electric cars and solar power.

Not counting votes by Musk, who holds stakes in both companies, more than 85 percent of shareholder votes were cast in favor of the acquisition, according to a statement by the electric vehicle manufacturer. The latter will soon start targeting homeowners to offer them electric cars.

Tesla, which has joined forces with solar panel maker SolarCity, aims to capture five percent of the market, Musk said. But Musk’s solar roof materials are lighter, making them easier and cheaper to ship.

The deal had been a topic of some controversy since Tesla announced the proposed in June. Tesla’s announcement of the solar tiles was much more vague.

The merger will close “in the coming days”, Tesla said, as its shares rose slightly in after-hours trades from their closing price of $188.66.

The combined company will target home-owners in a bid to sell all electric vehicles, solar panels and batteries, enabling customers to power their cars and home with clean energy.

They claim the merger is an attempt to use one company to bail out another.

But Musk launched a public push advocating for the merger, and smoothed the way when he surprised Wall Street this quarter by reporting .0 million in profits for Tesla.

Daniel Sparks owns shares of SolarCity and Tesla Motors.

But Tesla isn’t without its competitors, even in the solar roof business.

Both companies have faced difficulties in the past year, with SolarCity’s stock market value dropping following fierce industry competition and regulatory difficulties, while Tesla only recently registered its first profitable period since 2013 ahead of the shareholder vote.