Tesla has agreed to buy Maxwell Technologies in a $218mn deal which could help the electric car maker increase battery performance, reliability and longevity.
The acquisition will see Tesla pay US$4.75 per share for Maxwell, with the deal expected to total $218mn.
Tesla is interested in Maxwell Technologies because of the company’s energy storage technology and, in particular, it’s ultracapacitors.
These batteries can absorb and discharge energy much faster than those on the market and they can are also thought to be able to perform under a wide range of temperatures and have a longer operational life.
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Maxwell Technology’s ultra receptors are made using dry electrode technology which the company says can greatly improve the performance and longevity of multiple battery types.
The battery technology maker counts Lamborghini and General Motors among its customers.
Commenting on the acquisition, Dr Franz Fink, President and Chief Executive Officer of Maxwell Technologies said:“We are very excited with today’s announcement that Tesla has agreed to acquire Maxwell. Tesla is a well-respected and world-class innovator that shares a common goal of building a more sustainable future,”
“We believe this transaction is in the best interests of Maxwell stockholders and offers investors the opportunity to participate in Tesla’s mission of accelerating the advent of sustainable transport and energy.”
The sale of Maxwell was approved unanimously by the firm’s board of directors.
The deal is expected to be completed in the second quarter of 2019.