Tesla hasn’t been known for making many acquisitions, but we’ve now learned that it has reached an agreement to acquire ultracapacitor and battery component manufacturer Maxwell based in California.

It’s the automaker’s 5th important acquisition to date.

The all-stock transaction worth over $200 million was announced by Maxwell this morning and we reached out to Tesla to confirm the news.

Tesla confirmed that they reached an agreement with the company and commented:

“We are always looking for potential acquisitions that make sense for the business and support Tesla’s mission to accelerate the world’s transition to sustainable energy.”

Maxwell is best-known as an ultracapacitor manufacturer and it has also recently been talking about a dry electrode technology for batteries.

Dr. Franz Fink, President and Chief Executive Officer of Maxwell, commented on today’s announcement:

“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. 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’s stock traded at just over $3.00 per share at market close last week for a valuation of $140 million.

Tesla has agreed to acquire them for $4.75 per share – making the transaction worth over $200 million.

The company is based in San Diego and it has about 380 employees.

Maxwell had been talking about a potential “strategic partnership” in the works for a few months regarding its dry electrode technology.

Aside from the new technology, the company also has its ultracapacitor business. They reported $91 million in revenue during the first 9 months of 2018.