PayPal Founder Sets Sights on SolarCity
SolarCity, a startup that aims to tap in to the alternative energy market, said Wednesday it received $10 million in financing led by serial entrepreneur Elon Musk.
The funding represents the first round for the new solar panel installation company. Mr. Musk provided about 90 percent of the funding, and the balance came from private individuals. He was also named chairman of the board.
Mr. Musk, a PayPal co-founder, has backed some high-profile startups. He’s the chairman and primary investor in electric sports car company Tesla Motors, which has an investment from Google co-founders Sergey Brin and Larry Page (see Tesla Motors Powers Up). He’s also the chief executive of space travel startup SpaceX (see Plan B for Outer Space).
Foster City, California-based SolarCity is led by South African-born brothers Lyndon and Peter Rive. The pair previously ran Everdream, a Fremont, California-based remote desktop management software company in which Mr. Musk also invested.
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