Tesla plans to acquire energy technology company Maxwell Technologies for about $218 million , the company said Monday
Tesla will buy the company’s 45.9 million shares for $4.75 a share in an all-stock transaction. The deal represents a 55 percent premium over Maxwell’s closing stock price of $3.07 a share Friday and would value the company at around $218 million.
Maxwell makes ultracapacitors, devices that can store and rapidly deliver surges of energy. Tesla CEO Elon Musk is a fan of the technology for electric cars. Musk has said in the past the technology could be a more likely source of a breakthrough in electric vehicle technology than batteries. Musk even once said on Twitter he had planned to conduct research on them at Stanford University.
“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,” said Tesla in a statement sent to CNBC.
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