Firm notes dry electrodes can be used for batteries
Maxwell Technologies, developer and manufacturer of energy solutions including ultracapacitors announced yesterday it entered a definitive deal to be acquired by Tesla. The all stock exchange will have the firm merge with a Tesla subsidiary and become a wholly owned subsidiary of Tesla, Maxwell said.
The Offer will value Maxwell common stock at $4.75/share and each share will be exchanged for a fraction of a share of Tesla's common stock. The closing of the transaction, expected in Q2, is subject to the successful tender and exchange of shares, certain regulatory approvals and customary closing conditions, it added.
Maxwell's board of directors approved the deal and recommended stockholders accept it.
"We are very excited with today's announcement that Tesla has agreed to acquire Maxwell," said Maxwell CEO Dr Franz Fink in prepared remarks. "Tesla is a well-respected and world-class innovator that shares a common goal of building a more sustainable future.
"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."
Maxwell makes innovative, cost-effective energy and power delivery solutions and developed and transformed its patented, proprietary, and fundamental dry electrode manufacturing technology the firm has historically used to make ultracapacitors that can be applied to making batteries, the firm said.
Maxwell ultracapacitor products provide safe and reliable power solutions for applications in consumer and industrial electronics, transportation, renewable energy, and information technology, it added.
The energy storage firm teamed with Siemens to offer a grid energy storage subsystem to help manage the effects of the rapid growth of renewables and the decommissioning of traditional coal and gas-fired power plants, we reported in September (SGT, Sept-6).
BOTTOM LINE: Maxwell Senior Director of Business Development Dr Kimberly McGrath spoke to us on the Smart Grid Today audio program about the amazing abilities of her firm's ultracapacitor devices – energy storage systems with very different properties from batteries such as the ability to store and release a megawatt of power in a typical rack-space cabinet, so much less space than the shipping containers we write about for battery deployments. The episode is available to listen to free streaming on the Smart Grid Todaywebsite or from all major podcast apps and services including devices featuring Amazon Alexa, Apple Siri, and Google Assistant. An article with excerpted quotes from the audio interview is available for Smart Grid Today subscribers.
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