Tesla to Buy Battery Tech Maker

Tesla has agreed to buy energy storage company Maxwell Technologies Inc. in a deal that could help the automaker produce batteries that hold more energy and last longer.
Feb. 4, 2019

Feb. 4, 2019—Tesla has agreed to buy energy storage company Maxwell Technologies Inc. for $218 million, according to a report from Reuters.

The deal could help the automaker produce batteries that hold more energy and last longer at a time when it needs to cut costs and faces growing competition.

Tesla is rapidly increasing production of its Model 3 sedan and needs to lower the price to reach a broader customer base than its pure luxury vehicles. 

Maxwell executives told investors in January that it had developed and patented a “dry electrode” technology that could significantly increase the driving range and reduce the cost of electric vehicle batteries. In a presentation, Maxwell said it expected strategic alliances “within six months” centered around this technology.

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