The battery packs offered by Tesla are some of the best in the industry. However, even the great companies like Tesla realize there is always some room for improvement. Because of this, Tesla recently decided to acquire Maxwell Technologies for a price tag of around $218 million. The buyout price cost the company $4.75 per share. This was a more than 55-percent premium over the closing cost Maxwell’s had the Friday before the buyout.
Maxwell Technologies is a battery-tech company based out of San Diego, California. The purchase by Tesla has already been pre-approved by the company’s board members. The finalization of the buyout should be completed by the second quarter of the year.
A recent announcement made by a Tesla spokesperson stated the company is always on the lookout for potential acquisitions that will serve their mission of accelerating the worldwide transition to sustainable energy. The automaker made no further statements about why they chose to acquire Maxwell Technologies over other battery-tech companies.
Founded in 1965, Maxwell Technologies has continued to offer development and research efforts to the government as outside contractors. The company has a strong focus on power delivery and energy storage. Their main focus in these sectors is on ultracapacitors which have the ability to accept and deliver charges quicker than batteries. The company has not limited themselves to the auto industry. Their battery solutions have also been used in other renewable energy systems such as wind turbines.
Dr. Franz Fink is the CEO and president of Maxwell Technologies. He was more than excited to be the one to announce that Tesla had agreed to acquire the company. He feels that Tesla is a world-class and well-respected company. The two companies have a common goal of creating a future that is more sustainable. The CEO stated he feels this new transaction is in the best interests of investors and stockholders of Maxwell. It also gives them the opportunity to participate in the mission of Tesla to accelerate the movement of sustainable energy and transport.
Tesla was found in 2003 by Elon Musk and other engineers who wanted to prove to the world that they could have electric cars without compromising power and appearance. They also wanted to show those against electric cars that they could be better, faster and more fun to operate than traditional gas-powered vehicles. The company was founded in San Carlos, California. Tesla builds electric cars and also constantly looks for ways to scale clean energy sources.