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SolarCity ranked #10 on Fast Company's list of The World’s 50 Most Innovative Companies
You’re probably familiar with companies such as Apple, Facebook, Twitter, Google, and Amazon which is no surprise. But there is a company that you’re most likely less familiar with, but has something in common with the aforementioned behemoths: they are all ranked within the top 10 of The World’s 50 Most Innovative Companies by Fast Company. These are businesses whose innovations are having an impact across their industries, and our culture. #10 ranked on Fast Company’s list is SolarCity.
SolarCity, a California-based company founded in 2006, has thousands of customers in fifteen states across the country. SolarCity is listed on Nasdaq (SCTY).
SolarCity CEO Lyndon Rive said, "There are more than 5,000 solar companies in the U.S.[…] Many of these companies will go out of business." (Think: Solyndra) But last year, SolarCity expanded to the East Coast and added 12,000 projects, all without a dollar of government funding. How? Rather than just manufacturing solar panels, SolarCity is a full-service operation; designing, installing, financing, and maintaining every system. This helps ease new customers into an unfamiliar technology.
Citi, Google, U.S. Bancorp, Bank of America, and Goldman Sachs have all invested in SolarCity’s residential solar-energy installation program, and a major partner of SolarCity is The Home Depot.
In September, Walmart and SolarCity announced plans to install 60 more stores with solar, bringing solar energy to 75% of Walmart's California locations. SolarCity also launched SolarStrong, a five-year, $1 billion plan for outfitting up to 120,000 U.S. military housing units with rooftop solar.
Additional awards include: The Aspen Institute’s Energy & Environment Award for “Disruptive solutions in the generation of renewable energy”; The U.S. Department of Energy recognized SolarCity as the Green Power Supplier of the year; BusinessWeek ranked SolarCity #23 in the World’s Most Intriguing Businesses; and Scientific American ranked SolarCity #1 in “Twenty World Changing Ideas.”
Perhaps most exciting of all is SolarCity's new battery system that, according to the company's website, can help “keep the lights on and fridge cold in a power outage or natural disaster while potentially saving you even more on your monthly utility bills.”
SolarCity’s battery systems are currently offered in selected California markets, but the company hopes to offer the service nationwide by the end of the year. What is unique about this battery technology is that it’s available through their partnership with Tesla Motors. Only SolarCity's home backup system uses technology engineered by Tesla, leveraging their expertise in developing battery technologies for premium electric vehicles. Why? Because Tesla Motors CEO, Elon Musk, is Chairman of SolarCity.
This battery system will provide homes with power if the utility grid goes down—such as after an earthquake or other natural disaster. According to SolarCity, “A fully charged battery will power basic home needs for a few days and a solar powered home can recharge the battery from the sun to run indefinitely.”
A fully charged battery can provide enough energy for essential needs during an emergency; running a refrigerator, charging cellphones, provide basic light, and powering home security systems. It’s no wonder SolarCity was ranked #10 on The World’s 50 Most Innovative Companies by Fast Company. The real question is, why wasn’t it ranked higher?
Press Contact: Molly Canales | 650-963-5674 | email@example.com