Elon Musk acquires solar panel maker

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.

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With the new purchase SolarCity will build factories "an order of magnitude" larger than the facilities that presently make panels, the Associated Press reports.

"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.