Tuesday July 16, 2019
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Tesla Acquires Energy Storage Company For $218 mn

A number of automakers are introducing, or have introduced, electric vehicles in the past several months, including the Jaguar I-PACE, Audi e-tron SUV, Kia e-Niro and the Hyundai Kona

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Tesla to lay-off 7% full-time staff amid China dreams. Pixabay

Electric car maker Tesla has acquired US-based energy storage company Maxwell Technologies in an all-stock deal valued at $218 million, a deal aimed at helping the electric automaker improve its batteries and lower costs as more competitors enter the market.

According to the report, the offer will value each of Maxwell’s 45.9 million shares at $4.75. The merger is expected to close in the second quarter of 2019.

“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,” Franz Fink, CEO and President, Maxwell, was quoted as saying by TechCrunch on Monday.

Maxwell Technologies’ primary focus has been on ultracapacitors — energy storage devices that can charge and discharge rapidly, perform at a wide range of temperatures and have high power density and long operational life.

In December, the company sold its high-voltage battery product line to Renaissance Investment Foundation for $55.1 million in cash and up to $15 million in potential future milestone payments.

The company says that Maxwell’s dry electrode technology — used to make the ultracapacitors — which can be applied to batteries of varying chemistries, boosts performance and is more cost-effective than the more commonly used wet electrode technology.

Tesla CEO Elon musk, board
Tesla CEO Elon Musk. (VOA)

That application could give Tesla a boost in an increasingly competitive electric vehicle market, the report said.

A number of automakers are introducing, or have introduced, electric vehicles in the past several months, including the Jaguar I-PACE, Audi e-tron SUV, Kia e-Niro and the Hyundai Kona.

Also Read- Samsung, Apple Top 2 Semiconductor Chip Buyers in 2018

“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,” a Tesla spokesman said in an emailed statement to TechCrunch. (IANS)

Next Story

Elon Musk Becomes Longest Serving CEO in Global Automotive Segment

Musk has repeatedly pushed workers to hit quarterly goals while managing all the extra production and delivery work piling up toward the end of a quarter

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Tesla CEO Elon musk, board
Tesla CEO Elon Musk. (VOA)

For many of us, Tesla is a new entrant in the global auto industry but Elon Musk has actually become the longest serving CEO in today’s automotive segment.

The feat was achieved when then-Daimler CEO Dieter Zetsche, serving as the German automaker’s CEO since 2006, retired in May this year, Teslarati reported on Wednesday.

Musk took over as the electric car maker’s CEO in 2008.

Renault-Nissan-Mitsubishi saw veteran CEO Carlos Ghosn quitting over his alleged connection with a high-profile financial scandal.

Last month, Mitsubishi also announced the departure of its CEO Osamu Masuko.

BMW CEO Harald Kruger has also announced his retirement.

Elon Musk, CEO of SpaceX and Tesla. Wikimedia Commons

Many automakers have new CEOs and only Akio Toyoda of Toyota who joined in 2009 is close behind Musk.

Under Musk, Tesla is breaking all records. The electric car-maker achieved a record production of 87,048 vehicles and record deliveries of approximately 95,200 vehicles in the second quarter of 2019.

In the quarter (April-June 2019), Tesla produced new 72,531 Model 3 sedans and delivered 77,550 of those.

Also Read: WhatsApp Messages Can be Traced Without Diluting end-to-end Encryption

In addition, 14,517 new Model SX cars were made and 17,650 of those were delivered.

Customer vehicles in transit at the end of the quarter were over 7,400.

Musk has repeatedly pushed workers to hit quarterly goals while managing all the extra production and delivery work piling up toward the end of a quarter. (IANS)