123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Technology,-Gadget-and-Science >> View Article

Tesla Acquires Maxwell Technologies For Usd218 Million

Profile Picture
By Author: James
Total Articles: 13
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

American electric auto manufacturer Tesla acquired San Diego-headquartered energy storage maker Maxwell Technologies in an all-stock deal worth USD218 million.

In a press release, Maxwell Technologies stated that Tesla will begin an all stock exchange offer for all the issued and outstand shares of the company, after which Maxwell will be merged with a Tesla arm and become a completely-owned arm of Tesla.

The deal will value each of Maxwell Technologies’ 45.9 million shares at USD 4.75, the press release also added.

Even as there can be no assurances on the closing date, the company expects that the merger will be completed in the second quarter of 2019 after meeting all conditions and timing of the approvals.

Franz Fink, president and chief executive at Maxwell, stated that the company is excited with the present day’s announcement that Tesla has accorded to acquire Maxwell.

Maxwell was represented by DLA Piper outside legal counsel and Barclays Capital served as independent advisor to the company in regard to the deal. Tesla was represented by Wilson Sonsini Goodrich & Rosati as outside legal counsel.

In January, Maxwell officials told investors that it had developed and patented a dry electrode technology that could considerably enhance the driving range and diminish the cost of electric vehicle batteries.

The company also manufactures ultracapacitors that discharge energy faster compared to batteries and regarded as complementing battery technology.

Combined with the energy of batteries, ultracapacitors function across a wider temperature range and enhance battery life by up to two times, as per a blog post of the website of Maxwell.

Tesla also sells power storage and ultracapacitors could be utilized in backup systems for house and for utility power grids.

Total Views: 103Word Count: 272See All articles From Author

Add Comment

Technology, Gadget and Science Articles

1. Astpp Is The Only Open Source Smart Voip Solution
Author: Rogers Jack

2. Improve Organizational Productivity With Gamification
Author: Katalyst Technologies Inc

3. Comparing Edm 790 And Edm 900 Systems
Author: Joseph Polizzotto

4. Questions That You Need To Ask The Service Provider About Pos Billing Software
Author: Sukriti Sinha

5. What Do You Think Of Robotics As A Field Of Study?
Author: Ankur Anand

6. How To Co-ordinate With Mobile Application Developers
Author: Soumya Banerjee

7. Want To Drive Growth? One Thing That Can Help You Is Managed File Transfer
Author: Lisa Brown

8. Unlock Business Success With Clothing Design Software
Author: Johny Peter

9. Free Delivery Route Planner App Has Made Route Optimization Look Easier!
Author: John Pearson

10. Best Laptops Under 200 And 300 Dollars
Author: amockelly489

11. Which Is The Best Training Centre For Data Science?
Author: GRras-jaipur

12. Why Does My Business Need Human Resources Management System?
Author: Abdul Ali

13. Cctv Camera Installation For Home Surveillance And Safety
Author: Rachael Jones

14. Fiber Optic Patch Cable Pc, Apc Or Upc
Author: HYC Co Ltd

15. Ios Application Development Company In Noida India
Author: Natasha Verma

Login To Account
Login Email:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: