Tesla to buy battery-tech firm Maxwell for US$218M in stock

Tesla is seen in Taipei

Tesla is seen in Taipei

Electric vehicle manufacturer Tesla has agreed to buy energy storage firm Maxwell Technologies for $218m, as part of an all-stock deal to help Tesla build better batteries.

Maxwell Technologies was founded in 1965, offering its research and development efforts to the government as an outside contractor.

In other energy news, Tesla Powerpack batteries will power more than 100 Electrify America electric vehicle charging stations across the country.

Tesla does not invest lightly, as can be seen with its acquisition of Grohmann Automation, which gave it a competitive advantage and a way to maximize automation in the Tesla Model 3 production lines to get the auto to scale faster.

Ultracapacitors, combined with the energy of batteries, can enable rapid response times, function across a broader temperature range and lengthen battery life by up to two times, according to a blog post on Maxwell's website.

Tesla paid $4.75 per share for Maxwell, a 55pc premium.

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'Tesla needs Maxwell's solvent-free battery electrode manufacturing for a viable path to lower battery costs, ' said Craig Irwin of Roth Capital Partners. Investors may want to watch out for competing offers, Osborne suggested, as well as the possibility that some Maxwell customers might be less inclined to buy from Tesla than from an independent company. Maxwell shares rose to trade at $4.58. Currently, Tesla's Reno, Nevada Gigafactory is the main site for its own battery production with Panasonic.

Tesla CEO Elon Musk has been a vocal proponent of supercapacitor technology over the years.

'I'm a big fan of ultracapacitors.

Aside from producing electric cars, Tesla also sells power storage as part of its solar power business.

The companies expect the deal to close in the second quarter of the year, pending customary closing conditions.

Wilson Sonsini Goodrich & Rosati represented Tesla as outside legal counsel.

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