Tesla to acquire supercapacitor firm Maxwell Technologies

Tesla has agreed to acquire Maxwell Technologies for $218 million

Maxwell said that the purchase already has board approval, and it should be finalised after the second quarter of 2019.

The acquisition gives the electric-car maker a short-term energy storage technology that its Chief Executive Officer Musk has called “a key to the future of electric cars”.

Maxwell’s lithium-ion capacitors may assist with faster charging capability. Its dry electrode technology enables an energy density of over 300 Wh/kg in current demonstration cells, which would represent a significant improvement over current battery cells used by Tesla.

This could simplify the manufacturing process and result in a significant cost reduction versus state-of-the-art wet electrodes, while extending battery Life up to a factor of 2, according to Maxwell Technologies.

Tesla confirmed that they reached an agreement with the company and commented:

“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.”

Maxwell Technologies' customers include General Motors and Lamborghini. It makes supercaps used in automobile batteries to extend their service lives. Supercaps, which hold energy in an electrical field and not in chemical form, are also used to store massive amounts of electricity in national power grids.

The company reported $91 million in revenue during the first 9 months of 2018.