Last checked at 
(Alliance News) - Cap-XX Ltd on Thursday said it has signed a settlement agreement with Tesla Inc, ending its patent infringement litigation Maxwell Technologies Inc.
The Sydney-based company, which makes supercapacitors for portable electronic devices, said that the agreement does not involve payments to Tesla which it "considers to be material".
The confidential settlement closes a lengthy legal battle between Cap-XX and Maxwell Technologies, a California-based maker of energy storage and power delivery products which Tesla acquired in May, 2019 for USD218 million.
In September that year, Cap-XX filed a complaint alleging that Maxwell had both directly and indirectly infringed on its patents for several capacitor products.
At the subsequent trial in the Delaware District Court, a jury found that Cap-XX's patents were invalid. This decision nullified the accusations against Maxwell, which was therefore not liable to pay any damages or licence fees.
Following the court decision, Cap-XX shares fell 55% to 0.77p on the morning of December 18 and continued a downward trajectory. On late Thursday morning, Cap-XX shares were trading 73% higher at 0.32 pence, compared to Wednesday's close. The company announced in late January that it had filed a notice of appeal to the Federal Circuit Court of Appeals.
On February 19, however, Cap-XX announced that it had decided to take no further action with regard to the case, resulting in the appeal's dismissal.
"The decision follows the conclusion of a case review by CAP-XX with its lawyers, which considered the legal fees to present the appeal and the probability of success," the company explained.
By Emma Curzon, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2024 Alliance News Ltd. All Rights Reserved.
