Market Overview

Tesla Acquires Canadian Battery Maker Hibar Systems

Tesla Acquires Canadian Battery Maker Hibar Systems

Tesla Inc (NASDAQ: TSLA) has acquired an Ontario battery manufacturer, Hibar Systems Limited, according to a filing with regulators. 

The electric-vehicle maker identified Hibar as its subsidiary on October 2 in a registration filing with the federal Office of the Commissioner of Lobbying of Canada. 

Electric Autonomy Canada first reported the Hibar purchase on October 4.

Hibar, based near Toronto, specializes in ultra-high-speed production of batteries. The filing makes no indication of when the acquisition took place or the price.  

This acquisition comes as Tesla ramps up its battery capabilities. It reportedly has been in talks a Brazilian firm about supplying it with lithium, essential for lithium-ion batteries. In February, Tesla's purchased Maxwell Technologies.

Hibar, which had been privately held, has said that exports account for more than 95 percent of its business.  

In April, it received a C$2 million grant from the Canadian government to support battery manufacturing.

Image Sourced from Google


Related Articles (TSLA)

View Comments and Join the Discussion!

Posted-In: Canada Freight FreightwavesM&A News Global Tech General Best of Benzinga