Tesla today announced is has successfully completed the acquisition of Maxwell Technologies, an ultracapacitor and battery manufacturer. The buyout was in a stock exchange estimated to be worth over $235 million.

The deal is assumed to be in an effort to improve Tesla’s energy storage and EV businesses. Maxwell had been working on ways to improve the durability and longevity of ultracapacitors and battery cells, including researching “dry battery electrode” technology that can increase energy density significantly. This dry technology doesn’t use solvents in processing, so manufacturing equipment and efforts should be less.