The move comes at a time when the company needs to cut costs while facing growing competition.
Tesla is rapidly increasing production of its Model 3 sedan and needs to lower the price to reach a broader customer base than its pure luxury vehicles.
Maxwell revealed earlier this year that it had developed and patented a “dry electrode” technology that could significantly increase the driving range and reduce the cost of electric vehicle batteries and executives had said they expected to see strategic alliances “within six months” centred around this technology.
The company also makes ultracapacitors, which discharge energy faster than batteries and are seen as complementing battery technology.
Ultracapacitors, combined with the energy of batteries, can enable rapid response times, function across a broader temperature range and lengthen battery life by up to two times, according to Maxwell.
Volvo-owner Geely Holding Group last May announced a deal with Maxwell and described the company’s ultracapacitor technology as helping to deliver “peak power” for hybrid cars.
Tesla also sells power storage, often in conjunction with its solar power business, and ultracapacitors could be used in backup systems for homes and for utility power grids.
The deal is expected to be closed within the coming weeks.
