SolarCity Corp (NASDAQ:SCTY) was higher nearly 1% in recent pre-market trade after saying it has agreed to buy Silevo, a solar technology and manufacturing company, for an undisclosed amount. 

SCTY was up 1% recently, in the lower half of the 52-week range between $28.31 and $88.35. 

SolarCity said Silevo’s modules have achieved a “unique combination of high energy output and low cost.” 

“Our intent is to combine what we believe is fundamentally the best photovoltaic technology with massive economies of scale to achieve a breakthrough in the cost of solar power,” Chairman Elon Musk said in a blog post. “Our intent is to combine what we believe is fundamentally the best photovoltaic technology with massive economies of scale to achieve a breakthrough in the cost of solar power.” 

Musk added that the company is in discussions with the state of New York to build the initial manufacturing plant, continuing a relationship developed by the Silevo team. “At a targeted capacity greater than 1 GW within the next two years, it will be one of the single largest solar panel production plants in the world.”