Tesla planned to acquire Maxwell Technologies, the energy manufacturing company for a US$218 mn. Tesla will be buying 45.9% shares of the Maxwell shares US$3.07 per share.
About this, Tesla commented that they are looking for potential acquisitions, which will support their business. Tesla has a mission to speed up the global preference for sustainable energy.
The Maxwell Technologies is well-known for their ultracapacitors and other devices energy storage devices. Elon Musk, the CEO of Tesla is fond of electric cars and its technology. He said earlier that the technology could be a source for other innovations in electric cars than batteries.
Besides, he once twitted that he has plans to explore further at Stanford University.
Additionally, Maxwell has a process for making efficient batteries and its essential components required in the industry. Uptake of these components will also reduce the production cost of electric vehicles and improves the battery performance. These batteries will be better than any other battery manufacturing methods used in today’s industry.
Tesla is looking to the lower the electric vehicles (EVs) prices that will benefit in the expansion of the business. In addition, it will maintain their gross margin as it will reduce the manufacturing cost of EVs. These batteries are low weight and use of these batteries will reduce cost along with enhancing the performance.
This acquisition will allow Tesla to use Maxwell’s intellectual property and ultracapacitor technologies. This will be beneficial to the Tesla as their heavy vehicles rely on the regenerative braking and system economies.