On Thursday, Tesla Motors Inc (NASDAQ:TSLA)’s shares inclined 0.57% to $261.89.
Tesla Motors Inc (TSLA) has joined forces with Jeff Dahn, a well-known developer of lithium-ion batteries, to reduce battery costs, according to sources. Per the deal, the electric automaker will sponsor Dahn’s research endeavors.
The company said that the costs of its batteries need to be reduced so that it can offer vehicles at lower prices. Tesla is the largest user of lithium-ion batteries in the world. The cost of production for a battery that supports the 85-kilowatt-hour Model S sedan ranges between $20,000 and $25,000.
In addition to making technological improvements, Tesla intends to lower its battery costs by processing lithium, cobalt, graphite and nickel within the projected Gigafactory. This is predictable to reduce the costs of batteries by 60%.
Tesla Motors, Inc. designs, develops, manufactures, and sells electric vehicles, electric vehicle powertrain components, and stationary energy storage systems in the United States, China, Norway, and internationally. It also provides development services to develop electric vehicle powertrain components and systems for other automotive manufacturers.
Sealed Air Corp (NYSE:SEE)’s shares gained 1.33% to $51.64.
Sealed Air Corp (SEE) declared the closing of its formerly declared offering of $400 million aggregate principal amount of 5.500% senior unsecured notes due 2025 (the “Dollar Notes”) and €400 million aggregate principal amount of 4.500% senior unsecured notes due 2023 (together with the Dollar Notes, the “Notes”). The Notes were sold to investors at 100.0% of their aggregate principal amount.
The Company is using the net proceeds from the offering of the Notes to repurchase all of its outstanding 8.375% Senior Notes due 2021 pursuant to the tender offer that the Company launched on June 8, 2015, and to pay related premiums, fees and expenses in connection therewith.
The Notes and related guarantees have been offered only to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”), and to non-U.S. persons in transactions outside the United States under Regulation S of the Securities Act. The Notes have not been registered under the Securities Act, and, unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities nor has there been any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
Sealed Air Corporation provides food safety and security, facility hygiene, and product protection solutions worldwide. The company’s Food Care segment offers integrated system solutions that incorporate equipment systems into customers operations; and packaging equipment systems that incorporate various options for loading, filling and dispensing, and retort and aseptic processing conditions.
At the end of Thursday’s trade, Navient Corp (NASDAQ:NAVI)‘s shares surged dipped 1.85% to $18.99.
Navient Corp (NAVI) the nation’s leading loan administration, servicing and asset recovery company, declared the appointment of John Kane as group president for asset recovery and business services, and John (Jeff) F. Whorley Jr. as group president for asset administration and servicing.
Kane played a leadership role in the successful spin-off of Navient, and then served as chief operating officer during Navient’s first year as an independent company. He first joined the company in 2008, after 17 years managing various consumer credit operations at MBNA and Bank of America. Kane received a bachelor’s degree from University of Delaware.
Whorley is a practiced leader in student loan servicing and asset recovery, serving in various executive roles at USA Group and Sallie Mae between 1995 and 2007. He spent the last six years leading higher education technology start-ups. Whorley received a bachelor’s degree from the University of the South (Sewanee), and a Master of Business Administration degree from the University of Indianapolis.
Navient Corporation provides financial products and services in the United States. The company operates in four segments: FFELP Loans, Private Education Loans, Business Services, and Other. It provides federal family education loan program (FFELP) loans and servicing for FFELP loan portfolio; and servicing and asset recovery services for loans on behalf of guarantors of FFELP loans, guaranty agencies, higher education institutions, the United States Department of Education, and other federal clients, in addition to states, courts, and municipalities.
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