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Tesla Buys Canadian Battery Maker
Tesla Inc. has acquired Hibar Systems Ltd., a Richmond Hill, Ont.-based battery company.
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Tesla Inc. has acquired Hibar Systems Ltd., a Richmond Hill, Ont.-based battery company, Electric Autonomy Canada reports.
Terms of the deal, which were posted in a regulatory filing in Canada, weren’t disclosed.
Founded in the early 1970s, Hibar specializes in the mass production of small battery cells. Earlier this year the company received a $2 million grant from the Canadian government to develop new manufacturing technologies for lithium-ion batteries.
Tesla has been looking to add more battery suppliers as the carmaker ramps up production for its growing lineup of electric vehicles. To date, Tesla has relied almost exclusively on Panasonic Corp. for batteries. But Panasonic, a partner in Tesla’s Gigafactory battery complex in Nevada, has been struggling to meet demand since high-volume production of the mass-market Model 3 began last year.
In February, Tesla acquired Maxwell Technologies Inc., which specializes in ultracapacitors that can supplement batteries to help boost an EV’s performance. The EV maker also is said to be developing its own battery technology, including an advanced system that promises to have a 1 million-mile lifecycle.
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