Tesla News: Electric Vehicle Company Acquires Battery Manufacturing Firm Hibar Systems

Tesla (TSLA) has acquired Canadian battery manufacturing company Hibar Systems, as the company was listed as a Tesla subsidiary on a registration filing in Canada on Oct. 2.

The Toronto-based firm touted itself on its former website as "truly unique in its capability to provide the world's leading manufacturers with innovative automation solutions that are engineered specifically to suit their production automation requirements."

Hibar was recently awarded $2 million in grant funding to develop a high-efficiency lithium-ion manufacturing system for mass electric energy storage.

Tesla might have acquired the company in order to produce its own battery cells. Tesla CEO Elon Musk has said that his company is working on a "million-mile battery."

Tesla also acquired California-based battery company Maxwell in February for $218 million in an all-stock deal. Maxwell has dry electrode technology which can reportedly increase energy density by 50%, making the company an attractive acquisition for Tesla. This dry electrode technology could then be incorporated into Tesla energy storage or electric cars.

Tesla has also been reportedly involved in talks with Sigma Lithium Resources Group, a Brazilian startup that could supply Elon Musk's company with lithium.

Tesla is the world's premier electric vehicle company and is based in Palo Alto, California. The company also offers Powerwall, a rechargeable lithium-ion battery intended for home energy storage.