Tesla acquired Maxwell Technologies for $ 200 million

Tesla acquired Maxwell Technologies for $ 200 million

February 4, 2019 0 By autotimesnews

The manufacturer of electric vehicles Tesla acquired Californian company Maxwell Technologies, which is engaged in the production of batteries, supercapacitors and other battery components. The purchase cost was about $ 200 million, the Maxwell board of directors unanimously approved the deal, which should be completed in the second quarter of 2019.

The company is headquartered in San Diego (California, USA) was founded in 1965, in 1983 it was listed on the NASDAQ. Currently, the company has 380 employees, for the first 9 months of 2018, the company earned $ 91 million. As of Friday, the company’s shares were valued at $ 3.00 per share (capitalization $ 140 million), but Tesla offered $ 4.75 for each share, which raised the estimate to $ 200 million. The company collaborates with automakers such as Geely / Volvo, General Motors, Lamborghini, Peugeot Citro├źn Groupe.

In addition to classic batteries and supercapacitors, Maxwell is working on improving the technology of dry electrodes for batteries. Judging by the presentation of the company, this will allow to increase the energy intensity of such batteries to the level of 300 Wh per kilogram (in the near future – up to 500 Wh), while the current generation of lithium batteries shows a result of 250 Wh / kg.

Note that this acquisition will benefit both companies. Maxwell Technologies will receive additional funds for the development of promising technologies and a guaranteed volume of purchases of finished products, and Tesla – more capacious and lightweight batteries for their electric vehicles, as well as assistance in the development of solid-state batteries.