Tesla is Buying Energy Storage Firm Maxwell

Amid the unfortunate layoffs taking place at Tesla, the company is all set to buy the energy storage company, Maxwell Technologies.

Tesla is Buying Energy Storage Firm Maxwell

The deal is said to be negotiated at $218 million. Sources said that Tesla has agreed to acquire the energy storage business for $4.75 per share, up $1.75 from the market price.

Tesla is Buying Energy Storage Firm Maxwell

It’s being speculated that Tesla-Maxwell deal may be finalized somewhere in Q2 2019. Maxwell is the manufacturers of ultracapacitors using the new dry electrode technology.

The technology can increase the driving range of electric vehicles. Therefore, Elon Musk showed interest in buying the firm.

The technology can bring down the soaring prices of electric vehicle batteries too. This is why Tesla appears to be very keen to buy the technology to reach a bigger pool of customers.

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While announcing the acquisition, Dr. Franz Fink, CEO and President of Maxwell, commented on the deal, said:

“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.”

This is what Tesla said:

“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.”

Stay tuned to know more about the updates.

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