By Laura Barron-Lopez - 06/17/14 03:51 PM EDT
Tesla Motors founder Elon Musk is diving even further into the solar energy world with his latest purchase of a solar panel maker.
Musk who is also the chairman of the solar installer SolarCity, unveiled Tuesday that the company plans acquire a solar panel maker.
"If we don't do this we felt there was a risk of not being able to have the solar panels we need to expand the business in the long term," Musk said Tuesday in a conference call.
The goal, Musk says, is to make solar energy, and electric cars such as those Tesla makes, available and affordable enough to beat out fossil fuels.
California-based SolarCity is one of the largest installers of rooftop solar systems across the U.S.