One of Maxwell's main product lines is ultracapacitors, energy storage devices with great performance range that could bolster the battery performance of Tesla's EVs.
In an all-stock deal, deemed a step in the right direction by industry experts, Elon Musk-led Tesla has announced the acquisition of battery tech company Maxwell Technologies. Valued at a whopping $218 million, the purchase will not only mean a boost to the battery performance of Tesla's electric vehicles, but also a push to Tesla’s mission of “accelerating the advent of sustainable transport and energy”.
The news comes as a natural progression for San Diego-based Maxwell, which has been in conversations about a potential “strategic partnership” for some time now. The company’s claim to fame is its dry electrode technology, also the basic of ultracapacitors, which can be used to produce electrodes without using solvents. And by integrating this dry electrode tech, EV makers like Tesla stand to reap huge benefits with increased battery performance and reduced prices.
Commenting on the acquisition, Franz Fink, CEO and President of Maxwell said in an official statement:
“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.”
Musk is no stranger to this tech or ultracapacitors. In a tweet in 2013, the serial tech entrepreneur had confessed that he is a “big fan” and that he believes this tech could lead to breakthroughs in energy storage. With Tesla acquiring Maxwell, it could very well be the boost the Model 3 maker needed after a not-so-impressive start to the year. It may even mean a defining edge for the company over its current competitors in the market, including Audi e-tron SUV, Kia e-Niro, and Hyundai Kona.
As a Tesla spokesman confirmed, “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.”