Tesla to Buy Energy Storage Firm Maxwell Tech at $4.75 a Share

Tesla Inc. agreed to acquire battery-technology company Maxwell Technologies Inc. for about $218 million in stock, as Elon Musk adds expertise in capacitors that could speed up electric-car charging. For Tesla, the small acquisition gives the electric-car maker a short-term energy storage technology that its Chief Executive Officer Musk has called a key to the future of electric cars. In addition to buying SolarCity Corp., the solar panel installer that was partly owned by Musk and run by his cousins Lyndon and Peter Rive, Tesla has bought small technology and engineering firms to improve its electric cars and manufacturing capabilities.

Source: www.bloomberg.com