Tesla acquired the battery company Maxwell Technologies in 2019.
Tesla announced the planned acquisition in February 2019 and completed the deal on May 15, 2019. Maxwell was known especially for ultracapacitors and research into dry-electrode technology, which Tesla viewed as potentially valuable for improving battery manufacturing and lowering costs.
The transaction was structured as an all-stock deal valued at about $218 million when announced. Maxwell became a Tesla subsidiary, but the acquisition did not turn Maxwell into a long-term Tesla consumer brand or produce a widely marketed Tesla battery carrying the Maxwell name.
That short corporate history causes some confusion. Tesla later sold Maxwell’s ultracapacitor business and branding to Ucap Power in 2021. The sale did not change the acquisition year: Tesla’s purchase of Maxwell Technologies was completed in 2019. The company’s earlier purchase of Nesscap Energy in 2017 is another date sometimes mistaken for Tesla’s acquisition.