Lexia Power outage: Oncor and Lexia agree to buy battery companies for $8 billion article Lexiana Power outage is good news for consumers and investors.
Oncor and LEXIA have reached a multi-year deal that will see Oncor’s battery business, Lexia, buy battery manufacturer Lexia for $7.7 billion, a source close to the talks told ESPN.
The transaction is expected to close in the fourth quarter of 2020.
On the company’s website, Oncor said it “will be investing in new battery technology, technologies and processes to increase battery reliability and longevity in order to provide consumers with a safer, more energy-efficient electric vehicle.”
The announcement came just two weeks after Lexia Chief Executive Officer Dave Lutz announced a deal to buy a majority stake in LEXIE, a company that develops batteries for Oncor.
Oncology analyst Craig Kamin contributed to this report.