Tesla's battery packs offer some of the best range in the industry, but there's always room for improvement, which is likely why the automaker just scooped up a company specializing in battery tech.
Tesla will purchase Maxwell Technologies, a battery-tech company based in San Diego, the company said on Monday. The transaction will cost Tesla $218 million, and its buyout price of $4.75 per share is a 55-percent premium over Maxwell's Friday closing price. Maxwell said that the purchase already has board approval, and it should be finalized in or shortly after the second quarter of 2019.
"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 spokesperson said in a statement. The automaker did not elaborate further about why it chose Maxwell.
Maxwell Technologies was founded in 1965, offering its research and development efforts to the government as an outside contractor. Its focus is in energy storage and power delivery, specifically ultracapacitors, which can accept and deliver charge much faster than batteries. The company isn't limited to the automotive space, though -- its solutions can also work with renewable energy systems like wind turbines.
"We are very excited with today's announcement that Tesla has agreed to acquire Maxwell," said Dr. Franz Fink, president and CEO of Maxwell, in a statement. "Tesla is a well respected and world-class innovator that shares a common goal of building a more sustainable future. 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."