September 30, 2016 8:28 PM ET

Electrical Equipment

Company Overview of SolarCity Corporation

Company Overview

SolarCity Corporation designs, manufactures, installs, monitors, maintains, leases, and sells solar energy systems to government, residential, and commercial customers in the United States. The company provides solar energy systems; solar lease and solar power purchase agreements; mypower loan agreements; grid control/energy storage systems; zep solar mounting systems; and proprietary software, including SolarBid sales management platform, SolarWorks customer management software, PowerGuide proactive monitoring solutions, and Energy Designer, a proprietary software application used by field engineering auditors to collect site-specific design details on a tablet computer. It also sells elect...

3055 Clearview Way

San Mateo, CA 94402

United States

Founded in 2006

15,219 Employees

Phone:

650-638-1028

Key Executives for SolarCity Corporation

Co-Founder, Chief Executive Officer and Director
Age: 39
Total Annual Compensation: $275.0K
President
Age: 38
Total Annual Compensation: $250.0K
Co-Founder, Chief Technology Officer and Director
Age: 41
Total Annual Compensation: $275.0K
Executive Vice President, General Counsel and Secretary
Age: 47
Total Annual Compensation: $390.4K
Advisor
Age: 52
Total Annual Compensation: $500.0K
Compensation as of Fiscal Year 2015.

SolarCity Corporation Key Developments

SolarCity Announces Management Changes

SolarCity Corporation announced that it has promoted executive vice president of global capital markets Radford Small to the role of chief financial officer, reporting to CEO Lyndon Rive. Rad initially joined SolarCity in 2015 to oversee financial business development and investor relations, and his role has steadily expanded to include all of the company's global capital markets activity. Mr. Small originally joined SolarCity from Goldman, Sachs & Co. where he was a managing director and chief operating officer for the Clean Technology and Renewables group. The company also announced that president Tanguy Serra, who previously oversaw finance as part of his responsibilities, will be departing the company at the end of the year, following the anticipated acquisition of the company by Tesla.

SolarCity Sues by Cogenra Solar Inc. and Khosla Ventures

SolarCity has been accused of intellectual property theft by Cogenra Solar Inc. In a lawsuit filed in San Francisco, the parties accused SolarCity of gaining undue advantage of Cogenra's Shingling technology that helps in manufacturing high-efficiency commercially viable solar panels. SolarCity and its subsidiary Silevo misappropriated Cogenra's trade secrets, manufacturing processes, and other intellectual property to give themselves a competitive advantage and head start in developing shingled-cell solar modules. SolarCity announced that it discovered that a former SolarCity employee had unlawfully downloaded confidential information, copied that information to a personal hard drive, and then joined SunPower as a senior sales manager. Cogenra's complaint fails to identify any actual trade secret that Cogenra owns, much less that SolarCity supposedly misappropriated. From 2009 to 2015, venture capital firm Khosla Ventures owned about 80% of Cogenra, the lawsuit stated. Tesla said its proposed acquisition of SolarCity could be delayed because of shareholder lawsuits alleging board members breached their fiduciary duty.

SolarCity Expands Service and Operations in Texas

SolarCity has announced that it is expanding its service and operations in Texas by making its solar service available to homeowners in Austin. The expansion is due in part to SolarCity's solar loan program, launched earlier this summer. SolarCity's loan can allow many customers to immediately pay less for their electricity generated by solar energy systems each month than they previously paid for their electricity bills, and be eligible for thousands in additional dollars from tax credits and other incentives. The company has leveraged its installation volume-SolarCity installed more residential solar in 2015 than the next 50 competitors combined-to negotiate extremely favorable terms on behalf of its customers. SolarCity provides service to customers of Austin Energy, and also serves customers in the greater Austin area that are not customers of Austin Energy through a partnership with local retail electricity provider MP2.

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