Electric automaker, the California-headquartered Tesla has confirmed acquiring energy storage company Maxwell Technology in an all-stock deal worth $218 million. As per the reports, Tesla will be acquiring per share of Maxwell Technology for $4.75. Notably, the share price of the company soared $3 per share at the market close post the announcement.
Tesla in a statement said that it is always looking for companies who can help them in their Mission. "We are always looking for potential acquisitions that make sense for the business and support Tesla's mission to accelerate the world's transition to sustainable energy," Tesla said in the statement. Maxwell Technology is known for their ultracapacitors devices which can store and deliver a surge of energy. The company is also working on dry electrode technology for batteries.
Maxwell Technology CEO and President Dr. Frank Fink commenting on the deal 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.”
With players like Jaguar I-PACE, Audi e-tron SUV, Kia e-Niro and the Hyundai Kona who plan to or have already introduced an electric vehicle in the market the deal will help Tesla consolidate their position with something different under their belt. Prior to this acquisition, Tesla had partnered with lithium-ion battery researcher and Dalhousie University professor Jeff Dahn.
Image Courtesy : Fortune, MaxwellTechnology