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Tesla announced Thursday the successful completion of its previously announced acquisition of battery technology company Maxwell Technologies.
The $218 million all-stock deal was announced in February.
Founded in 1965, Maxwell Technologies develops and manufactures energy storage and power delivery solution-related products for automotive, heavy transportation, renewable energy, backup power, wireless communications and industrial and consumer electronics applications.
Maxwell’s dry electrode technology “has the potential to be a revolutionary technology within the battery industry with a substantial market opportunity, particularly for use in electric vehicles,” the company’s website says. The company claims it can create significant performance and cost benefits when compared with today’s state-of-the-art wet electrode technology.
Maxwell’s primary focus is on ultracapacitors, energy storage devices that are characterized by high power density, long operational life, the ability to charge and discharge rapidly, and reliable performance at a wide range of temperatures.