June 12, 2019 | Tesla announced that it has completed its acquisition of Maxwell and it will officially be able to take over its battery technology.
Electrek reports Tesla and Maxwell have had discussions for years over potential opportunities between the two companies, but Tesla became serious about acquiring them in December 2018.
The automaker is transferring stocks worth just over $235 million to take control of the company.
It is believed that Tesla is after the company’s intellectual property. Maxwell is best-known as an ultracapacitor manufacturer, but it has also recently been discussing a dry electrode technology for batteries.