Tesla acquires supercapacitor maker Maxwell for $218M

Elon Musk years ago argued that supercapacitors would be the next energy-storage breakthrough, not batteries.

Tesla has moved to acquire Maxwell Technologies, a company that specializes in supercapacitor technology.

The deal is said to be worth $218 million, representing a premium of more than 50 percent over Maxwell's latest market value.

"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," the company said in a statement.

Tesla CEO Elon Musk has been a vocal proponent of supercapacitor technology over the years. In 2011, he made a prediction that the next breakthrough in energy storage for EVs would come from supercapacitors rather than batteries.

The technology potentially provides much higher energy density than lithium-ion batteries, with the added benefit of quicker recharge times.