Japanese electronics company Panasonic and U.S. electric car manufacturer Tesla announced Tuesday that they have finalized an agreement, and will begin production of solar cells at a factory in Buffalo, New York.
In a statement released on Tuesday, the two companies said they plan to start production of photovoltaic (PV) cells and modules in the summer of 2017.
Panasonic will be investing more than $256 million in a New York production facility of Tesla Motors, and has agreed to pay capital costs for the manufacturing. In return, Tesla has made a “long-term purchase commitment” to Panasonic.
Tesla said this agreement will create 1,400 jobs in Buffalo, including 500 in manufacturing, and plans further expansion in Buffalo.
JB Straubel, Chief Technical Officer and Co-founder of Tesla, 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.”
The Associated Press reported:
SolarCity has committed to investing $5 billion over 10 years in New York state, hiring almost 1,500 workers at the Buffalo plant for five years and employing at least 2,000 more people across New York in exchange for use of the state-owned plant.
This plan is part of the solar partnership that the two companies first announced in October.
To see more stories like this, sign up below for Dennis Michael Lynch’s email newsletter.
Sign up to get breaking news alerts from Dennis Michael Lynch.
Mike Rowe Nails Reality Of U.S. Job Market