Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Tesla files lawsuit against Cap-XX over EV battery technology

Published 07/17/2023, 03:25 PM
© Reuters.  Tesla (TSLA) files lawsuit against Cap-XX over EV battery technology

Tesla (NASDAQ:TSLA) filed a lawsuit against Cap-XX (LON:CAPX), an Australian company, in a federal court in Texas Friday. According to Tesla, CAP-XX's supercapacitors, which are utilized to store energy in electric-vehicle batteries, violate two U.S. patents owned by a Tesla subsidiary.

CEO Elon Musk pledged in 2014 not to "initiate patent lawsuits against anyone who, in good faith, wants to use our technology." However, the electric automaker says the legal action comes in response to a lawsuit that Cap-XX originally filed against Tesla subsidiary Maxwell Technologies in 2019 for patent infringement.

"Maxwell has a history of innovation that has resulted in its own patents, now assigned to Tesla, and thus Tesla brings this suit against Cap-XX to protect its intellectual property rights," the lawsuit said

Cap-XX's ongoing lawsuit in Delaware federal court accuses Maxwell of infringing its own supercapacitor patents.

Shares of TSLA are up 2.86% in afternoon trading on Monday.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.