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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

Tesla Cars Will Soon be Talking to Pedestrians, Hints Elon Musk

The ‘Camp Mode' will allow customers who want to use vehicles for camping to maintain airflow, temperature, interior lighting, as well as play music and power devices

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Tesla CEO Elon Musk unveils the model
Tesla CEO Elon Musk speaks before unveiling the Model in Hawthorne, California. VOA

Tesla Cars will soon be talking to pedestrians, asking them to hop in or leave the way on congested roads, CEO Elon Musk has hinted.

Sharing a video via Twitter where a Tesla car can be seen talking to pedestrians, Musk said the feature may make its way to the electric cars soon.

“Teslas will soon talk to people if you want. This is real,” said Musk, showing a brief video clip of a Model 3 driving past people, saying: “Well, don’t just stand there. Hop in!”

It is unclear if the feature will use Artificial Intelligence (AI) to interact with pedestrians or if it’s purely an audio player, TechRadar reported on Sunday.

It is possible that Tesla owners driving for ride-sharing services like Uber and Ola could use the feature to gain more customers.

Technology Entrepreneur speaking
Elon Musk, a technology entrepreneur. Pixabay

Musk recently confirmed that the popular Disney+ service will soon be available in ‘Tesla Theater’ in a future firmware update.

‘Tesla Theater’ was included in the company’s Version 10 Update that was released in mid-September last year.

Also Read: With Pension for Acid Attack Survivors, ‘Chhapaak’ Serves ‘Purpose’: Filmmaker Meghna Gulzar

Tesla had also started rolling out holiday updates, including a “full self-driving sneak preview”, Musk teased last week.

The holiday update included long-awaited features like reading text messages aloud via Tesla’s built-in voice commands and a ‘Camp Mode’.

The ‘Camp Mode’ will allow customers who want to use vehicles for camping to maintain airflow, temperature, interior lighting, as well as play music and power devices. (IANS)