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Maxwell Technologies, a global leader in the development and manufacture of innovative, cost-effective energy and power delivery solutions, has announced that is has been bought by Elon Musk’s Tesla, as the Californian automaker continues its EV market penetration.

The merger will be consummated in the second quarter of 2019, should all conditions be met and subject to the timing of the aforementioned approvals.

“We are very excited with today’s announcement that Tesla has agreed to acquire Maxwell. Tesla is a well-respected and world-class innovator that shares a common goal of building a more sustainable future,” said Dr. Franz Fink, President and Chief Executive Officer of Maxwell. “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.”

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