The firms will collaborate on the manufacturing and production of photovoltaic (PV) cells and modules stating in 2017.
The non-binding letter of intent is subject to shareholders' approval of Tesla’s acquisition of SolarCity.
Tesla said it will use the cells and modules in a solar energy system that complies with its energy storage products Powerwall and Powerpack.
The company will then leverage SolarCity’s installation, sales and financing capabilities to market the solar-plus-storage solutions to residential, commercial, and grid-scale customers.
Tesla CTO and co-founder JB Straubel said: “We are excited to expand our partnership with Panasonic as we move towards a combined Tesla and SolarCity.
“By working together on solar, we will be able to accelerate production of high-efficiency, extremely reliable solar cells and modules at the best cost.”
Panasonic will be responsible for the production of the PV cell and module while Tesla will provide long-term purchase commitments for these cells.
Panasonic Eco Solutions Company vice-president Shuuji Okayama said: “Panasonic PV cells and modules boast industry-leading power generation performance, and achieve high quality and reliability.”
In 2014, SolarCity commenced the construction of 1GW-plus PV panel manufacturing facility in Buffalo, reported SeeNews Renewables.
Image: Tesla Motors and Panasonic plan to manufacture solar cells and modules. Photo: courtesy of Naypong/ FreeDigitalPhotos.net.
