Electric vehicle company Tesla Motors has made an agreement to buy San Diego-based ultracapacitor and battery component manufacturer Maxwell in an all-stock transaction, according to Electrek. Maxwell is known for manufacturing ultracapacitors and the company was also working on dry electrode technology for batteries.
“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,” confirmed a Tesla spokesperson in a statement to Electrek.
As of last week, Maxwell’s stock was trading at $3 per share at a valuation of about $140 million. Tesla’s buyout was for $4.75 per share, which made the deal valued at more than $200 million.
For the first nine months of 2018, Maxwell reported $91 million in revenue. And the company was discussing that a potential strategic partnership was in the works for several months for its dry electrode technology. Maxwell’s ultracapacitors are used by several companies like Volvo’s parent company Geely. And Maxwell said that its electrode enables energy density of over 300 Wh/kg and they are eventually pushing for more than 500 Wh/kg.
“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,” added Maxwell president and CEO Dr. Franz Fink in a statement.