Toronto, Ontario — Oct. 11, 2019 — Tesla has mysteriously acquired Hibar Systems, an Ontario-based company that specializes in high-speed battery manufacturing systems for electric vehicles.
It is unclear when Tesla’s acquisition of Hibar Systems took place, but the automaker lists Hibar as a subsidiary in an Oct. 2 filing with the Canadian government. Further, Hibar’s once-populated website has been reduced to a single page in recent months.
The terms of the deal, including price, were not disclosed.
Hibar Systems was founded in 1974 and has at least 50 employees. In April, the company was awarded a $2 million grant from the National Research Council of Canada to support its efforts to develop lithium-ion battery manufacturing systems.
The move comes amid Tesla’s well-known struggles in manufacturing, having consistently missed its own ambitious production targets. The company has been working on gradually strengthening its portfolio of energy tech companies. In February, it acquired Maxwell Technologies, which makes ultracapacitors that store and deliver energy, for US$218 million–a 55 percent premium over its market value.
