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 […]
Tesla to snap up battery developer Maxwell Technologies in $218m deal
Latest Articles
Zsuzsanna Horvath makes lamps from laser-cut plywood
Hungarian designer Zsuzsanna Horvath uses laser-cut birch plywood to make the Illan Pendant Light for Italian light company Luceplan. Horvath piqued Luceplan 's...
9 Essential Elements of Success for Eco-Friendly Food Trucks
This summer, we talked about some ways that different food-based companies are becoming more sustainable. We mentioned farmers that were taking more sustainability...
7 Very Important Steps to Become an Eco-Friendly Dog Owner
We were pleased to hear that the Natural Resources Defense Council published a guide on sustainability for pet owners . This is an...
A Philippine community sees life-saving payoffs from restoring its mangroves
For more than 30 years, a community in the central Philippines has been actively involved in reforesting and protecting a mangrove site, which...
The Unbelievable Car Insurance Perks of Being an Eco-friendly Car Owner
Although gas prices are currently low, that could change at any time. A lot of people remember paying $4.00 a gallon or more....
Extinction Rebellion launches campaign of financial disobedience
Extinction Rebellion is launching a campaign of financial civil disobedience aimed at exposing the “political economy’s complicity” in the unfolding ecological crisis. The group...
