Maxwell Technologies buys ultracapacitor firm Nesscap for approximately $23 million

Written By: Stratton Report
February 28, 2017

Maxwell

On February 28, Maxwell Technologies, Inc.announced it will acquire substantially all of Nesscap Energy Inc.

Maxwell noted it will purchase the operating entities of Nesscap for a total purchase price of $23.175 million, or about 1.1 times annualized revenue based on Nesscap’s 9-month revenue ended September 30, 2016. The firm emphasized that the purchase price will be paid by the issuance of approximately 4.6 million Maxwell shares, subject to a 10% upward or downward adjustment.

Per the firm, both Maxwell’s and Nesscap’s board of directors have approved the transaction, but in addition, it must be approved by two-thirds of Nesscap shareholders.

Based on recent share price ranges and other factors, Nesscap shareholders and debt holders are expected by Maxwell to own approximately 12% of its total outstanding common shares following completion of the transaction. 

Maxwell describes Nesscap as a provider of small cell format ultracapacitor products and technologies, offering energy storage and power delivery solutions that complement Maxwell’s large cell format ultracapacitor product portfolio,

Jim Zuidema, CEO of Nesscap remarked:

Maxwell and Nesscap share the vision that ultracapacitor technology, with its clear advantages in power, lifetime, and temperature performance, will continue to advance and gain share in an increasing number of applications. This acquisition will enable us to accelerate fulfillment of that vision, combining two exceptional teams, and move faster to bring more breakthrough products to markets which are hungry for scalable and efficient energy solutions.