Tesla to buy battery tech firm Maxwell

February 4, 2019
Tesla's deal to buy Maxwell Technologies could help the electric carmaker develop longer-lasting auto batteries

Tesla agreed Monday to buy energy tech firm Maxwell Technologies for $218 million, a move that could help the electric carmaker extend the driving range for its vehicles.

The all-stock deal values Maxwell at $4.75 a share, according to a statement.

The move comes with Tesla facing increasing competition in the sector and electric carmakers looking for ways to extend their between charges.

"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 ," a Tesla statement said.

Maxwell, a maker of various kinds of batteries, claims to have a proprietary dry electrode system which it says can create "breakthrough technology that can be applied to the manufacturing of batteries."

Franz Fink, president and chief executive of Maxwell, said the deal "offers investors the opportunity to participate in Tesla's mission of accelerating the advent of sustainable transport and energy."

Tesla dominates the electric car market but is facing a growing number of rivals as it seeks to develop affordable vehicles and steer the industry away from fossil fuels.

In the of 2018, Tesla posted a profit of $140 million on revenues of $7.23 billion.

Explore further: On the road to make an affordable car, Tesla cuts jobs

Related Stories

Tesla meets Model 3 target, bemoans China tariffs

October 2, 2018

Tesla Motors said Tuesday it was accelerating plans to open a Shanghai factory in light of the ongoing US-China trade fight, saying new tariffs put its vehicles at a disadvantage on the Chinese market.

Recommended for you

Fish-inspired material changes color using nanocolumns

March 20, 2019

Inspired by the flashing colors of the neon tetra fish, researchers have developed a technique for changing the color of a material by manipulating the orientation of nanostructured columns in the material.

Researchers shed new light on the origins of modern humans

March 20, 2019

Researchers from the University of Huddersfield, with colleagues from the University of Cambridge and the University of Minho in Braga, have been using a genetic approach to tackle one of the most intractable questions of ...

One transistor for all purposes

March 20, 2019

In mobiles, fridges, planes – transistors are everywhere. But they often operate only within a restricted current range. LMU physicists have now developed an organic transistor that functions perfectly under both low and ...

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.