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Prime Mover Magazine

Tesla to acquire Maxwell Technologies

US-based automotive and energy company, Tesla, has agreed to purchase developer and manufacturer of energy solutions, Maxwell Technologies, for approximately $306 million.

Maxwell Technologies will be merged with a Tesla subsidiary and is expected to become a wholly owned subsidiary of Tesla once the transaction is complete.

"Tesla is a well-respected and world-class innovator that shares a common goal of building a more sustainable future,” said Maxwell Technologies CEO, Dr Franz Fink.

“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," he said.

Maxwell Technologies executives informed investors in January that it had developed and patented a dry electrode technology that could significantly increase the driving range and reduce the cost of electric vehicle batteries. The company also stated that it expected strategic alliances centered around the technology to be established within six months.

Maxwell Technologies also produces ultracapacitors, which discharge energy faster than batteries and complement battery technology. According to the company, ultracapacitors combined with the energy of batteries of can enable rapid response times, function across a broader temperature range and lengthen battery life by up to two times.

Observers have noted that Tesla could use Maxwell’s Maxwell’s solvent-free battery electrode manufacturing for a viable path to lower battery costs.

Maxwell said that it anticipates the merger will be completed around Q2 2019.

Last year, Tesla named Robyn Denholm as Chair of the Board, replacing Elon Musk in the role.

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