Batteries are an integral part of cars and according to several reports, Tesla is always looking to further improve in this regard. To that end, the company has confirmed its acquisition of battery technology company Maxwell. This San Diego-based company has been acquired by Tesla for $4.75 per share, valuing the deal at $218 million.
Maxwell Technologies says that it already has board approval for the deal and that the acquisition should be closed either in or shortly after the second quarter of this year. Tesla hasn’t really detailed why it chose to acquire Maxwell, only saying that it makes sense for the business and support Tesla’s mission to accelerate the world’s transition to sustainable energy.
However, we can bet that Tesla bought this company for its energy storage and power delivery technology. The company’s technology might enable Tesla to produce batteries that can not only hold more energy but also last longer, thus enabling Tesla’s cars to travel further distances on a single charge.