Tesla to snap up battery developer Maxwell Technologies in $218m deal

Shutterstock Tesla relies heavily on batteries for its electric vehicle products. Tesla is planning to buy energy storage specialist Maxwell Technologies in a stock deal worth around $218 million, as the electric vehicle giant moves to strengthen its battery expertise. The carmaker said Feb. 4 it was acquiring 45.9 million shares in Maxwell Technologies in an all-stock transaction which values the firm at $218 million. At $4.75 per share, the deal represents a 55 percent premium on Maxwell Technologies’ stock price, which closed at $3.07 on Feb. 1, according to CNBC . Under the agreement, subject to regulatory approval, Maxwell Technologies will become a wholly owned subsidiary of Tesla. "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," the EV firm said in a statement. Based in San Diego, Maxwell Technologies develops "ultracapacitor" technology which can store and rapidly deliver electricity for use in industry, transport, renewable energy and information technology. The firm claims its patented manufacturing methods can "create a breakthrough technology that can be applied to the manufacturing of batteries." Franz Fink, president and CEO of Maxwell Technologies, described Tesla as […]

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