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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, board
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

Hackers Win Tesla Car For Exposing System Error

The EV-maker was fairly quick to fix vulnerabilities exposed by white hat hackers

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

Electric Vehicle (EV)-maker Tesla had to give away one of their Model 3 cars and $35,000 prize money to a group of hackers after they managed to crack its system during a hacking event.

Amat Cama and Richard Zhu of team Fluoroacetate exposed a vulnerability in the vehicle system during the Pwn2Own 2019 hacking competition, organised by Trend Micro’s “Zero Day Initiative (ZDI)”, held here this week.

The hackers targeted the infotainment system on the Tesla Model 3 and used a “JIT bug in the renderer” to take control of the system, Electrek reported on Saturday.

Charging problems with electric car
Tesla cars recharge at a Tesla station at a shopping center in Charlotte, N.C., June 24, 2017. Buyers of Tesla’s luxury models have access to a company-funded Supercharger network. VOA

“Since launching our bug bounty programme in 2014, we have continuously increased our investments into partnerships with security researchers to ensure that all Tesla owners constantly benefit from the brightest minds in the community,” the report quoted David Lau, Vice President of Vehicle Software at Tesla as saying.

Also Read- Smokers Notice Health Warnings More on Plain-Packaged Cigarettes

As part of Tesla’s bug bounty programme, the company had given away hundreds of thousands of dollars in rewards to hackers who exposed vulnerabilities in its systems.

The EV-maker was fairly quick to fix vulnerabilities exposed by white hat hackers, the report said. (IANS)