- Feb 5, 2019 8:18 pm GMT
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The acquisition of Maxwell is a pretty sure sign that Tesla sees bright prospects when it comes to making good use of Maxwell's range of ultra- and super-capacitors, millions of which have been applied widely in situations where high-power density and delivery is highly valued
Maxwell's ultracapacitors "are extremely durable, low maintenance products which are in a variety of form factors and capacitance ratings to meet the needs of applications ranging from small commercial devices to heavy industrial examples, such as hybrid transit buses, wind turbines and more," management explains.
Tesla is buying Maxwell for $4.75 per share of its Nasdaq-listed common stock, an estimated $218 million based on the parties' agreed-upon valuation formula and yesterday's (Feb. 4th's) closing share price, according to a Reuters news report.
Maxwell will operate as a wholly-owned Tesla subsidiary, according to Maxwell's press release.
"We are very excited with today's announcement that Tesla has agreed to acquire Maxwell. Tesla is a well-respected and world-class innovator that shares a common goal of building a more sustainable future," said Maxwell President and CEO Dr. Franz Fink.
"We believe this transaction is in the best interests of Maxwell stockholders and offers investors the opportunity to participate in Tesla's mission of accelerating the advent of sustainable transport and energy."