NEW YORK — SolarCity’s stock is surging in premarket trading on Friday following the company’s announcement that it is teaming with Walmart on some new solar power and energy storage projects.
The San Mateo-based company said Thursday that it has a contract with Wal-Mart Stores to install new solar projects at facilities in up to 36 states over the next four years. It has already completed more than 200 solar projects at Walmart locations since 2010.
SolarCity has also installed and tested energy storage projects in combination with solar power generation at 13 Walmart facilities since early 2013. It will be incorporating 10 additional storage projects in the next year.
Shares of SolarCity rose $2.62, or 4.9 percent, to $56.25 in premarket trading about an hour before the market opened.
