california

Daimler is investing in the California-based producer of engineered materials, Sila Nanotechnologies, to boost development of “next generation lithium-ion battery materials”.

Daimler said it was making a “significant investment” in Sila Nano to forge a partnership that would speed up the development and commercialisation of lithium battery tech— to benefit future electric cars produced by its Mercedes-Benz subsidiary.

In addition to acquiring a minority equity stake in Sila Nano, Daimler also joins the board of the battery material specialist.

Tesla is to acquire Maxwell Technologies, in a deal that values the California-based ultracapacitor firm at around US$218 million.

Maxwell said on 4 February the companies had entered into a definite merger agreement under which Tesla would buy the company's 45.9 million shares for $4.75 a share in an all-stock transaction. The deal represented a 55% premium to the share price, which closed at $3.07 on 1 February.

The merger is expected to be finalised in the second quarter of 2019 or shortly after, subject to the successful tender and exchange of shares, regulatory approvals and customary closing conditions.

Plans for four major energy storage projects in California could be under threat after the Pacific Gas & Electric (PG&E) filed for Chapter 11 bankruptcy.

The California Public Utilities Commission had granted approval for the lithium-ion projects— totalling 567.5 megawatts/2,270 megawatt-hours—to replace retiring gas generators.

The proposals included a 300MW/1,200MWh system— billed as “the largest system of its kind in the world— to be provided by Vistra Energy and located on the site of the Moss Landing Power Plant.