Tesla Acquires Another Canadian Startup For Battery Developments For $3

4680 production

Springpower International, a Canadian battery startup, has been acquired by Tesla in order to produce and manufacture high-quality, reliable, and long-lasting electric vehicle batteries.

According to transaction documents, Tesla paid $3 for three patent applications from Springpower International. The patents include the processes of producing cathode materials from rechargeable lithium-ion batteries, recovering materials from spent lithium-ion batteries, and producing cathode materials for lithium-ion batteries.

These patents are close to the processes outlined by CEO Elon Musk and Senior Vice President of Engineering Drew Baglino at the Battery Day event in September 2020.

At the same event, Tesla unveiled the latest 4680 battery cell. They will be manufactured in-house, but will also be manufactured by a number of suppliers, including LG Chem and Panasonic. These new cells have five times the energy, six times the power, and a 16% increased range. The company intends to increase its production activities in order to help EVs achieve market parity with gas-powered vehicles.

Tesla has previously collaborated with Canadian battery manufacturers to advance its lithium-ion cell technology. The company has purchased Hibar Systems, an Ontario-based manufacturer of battery cells. Furthermore, it draws on the experience of Jeff Dahn, a battery researcher at Dalhousie University in Canada, and his research team.

Source: Teslarati

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Currently living in Toronto, I love all things tech, EVs, and Tesla. Contact me to share any tips or stories! Email: heather@driveteslacanada.ca