Recharge Wrap-up: SolarCity layoffs, pay cuts, Louisiana flooding affects oil industry

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SolarCity has announced for workers and for executives as part of a restructuring ahead of its planned merger with Tesla. In preparation of acquisition by Tesla for $2.6 billion in stock, says it expects $3 to $5 million in restructuring charges consisting “primarily of severance benefits,” according to a filing with the SEC. CEO Lyndon Rive and CTO Peter Rive, ’s founders and cousins to Tesla CEO Elon Musk, have reduced their salaries from $275,000 to $1 a year as of the beginning of August, but will retain their stock compensation. Pending SEC approval, shareholders will vote on the acquisition after September 14, 2016. Read more at Electrek.

in is affecting refining and threatening infrastructure. A source told Bloomberg that Exxon Mobil has shut down four production units and idled others at a refinery along the Mississippi river in Baton Rouge. Motiva Enterprises is putting a skeleton staff in place at its Convent refinery near Baton Rouge. Lipow Oil Associates President Andrew Lipow says floodwaters threaten pipelines, terminals and other infrastructure, which could affect refineries’ operations. Gulf Coast fuel prices have risen as a result. Read more from Bloomberg.

Helsinki, Finland will begin testing two autonomous shuttles on city streets. Finland has previously tested the Easymile autonomous pods, but this will be the first time they’re operating on public roads alongside regular traffic. Finish law doesn’t require vehicles to be operated by a driver, making it easier to get approval for tests like this. The low-speed shuttles will be on the roads until the middle of September. Read more at Tech Crunch, or from YLE.



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