19th May 2022

Endurance Technologies acquires ION Energy’s BMS business unit for $40M

Founded in 2016, Maxwell Energy Systems (MESPL) is a subsidiary of ION Energy Inc, an energy tech startup that builds advanced electronics and software for new energy assets.

Thursday, May 19, 2022: It’s an exciting day for all of us at ION Energy!

 Maxwell Energy Systems (MESPL), the advanced electronics business unit of ION Energy, is being acquired for $40M (INR 308 Crores) in an all-cash transaction by Endurance Technologies Limited, a leading Tier-1 automotive component manufacturer, providing end-to-end solutions for its product portfolio. 

ION Energy will continue to own and operate its software as a service (SaaS) business – Altergo, a modern asset management platform for energy storage systems. 

Commenting on the development, Anurang Jain, Managing Director of Endurance Technologies Limited said, “While the bulk of our existing products are EV-agnostic, Maxwell’s BMS would be our first EV specific product. With fairly rapid vehicle electrification, OEMs have accelerated their EV plans, and are focusing on battery parameters including safety, range, and power, and BMS would be a key differentiator. We plan to leverage Maxwell’s deep technical expertise developed over the years and its BMS deployment experience in Indian and European conditions. We aim to offer our products to multiple new customers, including Indian automotive OEMs and battery pack manufacturers.” 

MESPL’s flagship product is the company’s smart Battery Management System (BMS) which enables OEMs/Battery Makers to deploy safe, reliable, and smart battery systems for Electric Vehicles and Stationary Energy Storage Systems. 

Today, MESPL supplies to over 70 Automotive OEMs and Battery Pack Manufacturers spread across 15 countries including India, France, Spain and the US. Since its inception, MESPL has deployed over 65000 smart BMS in electric vehicles and stationary storage systems and has an active order pipeline of over $19.5 million (INR 150Cr) from OEMs in India & Europe. 

With the anticipated rapid adoption of electric vehicles, battery management systems and other advanced electronics are expected to gain traction. MESPL plans to leverage this partnership with Endurance not only to grow it’s BMS business, but also expand it’s R&D team to 250+ engineers and launch new product platforms for the electric vehicle and energy storage systems. 

Akhil Aryan, CEO & Co-Founder of ION Energy said, “Maxwell’s business is growing exponentially and large OEMs are relying on us to deliver on their electrification plans. The partnership with Endurance enables us to deliver on our commitments with strength and reliability. Together we will reinforce and consolidate our supply chain, operations and manufacturing. We will also expand the team and product portfolio to accelerate the global EV transition with a strong focus on India.” 

Apart from investing capital, Endurance will also help MESPL strengthen its supply chain and operational ability to deliver to global OEMs leveraging Endurance’s long-standing experience in the business of auto components. Endurance, as a preferred tier-1 auto component supplier to leading global OEMs, will help MESPL to further grow the business with its OEM customers.

Axis Capital Limited acted as exclusive financial advisor to ION Energy and Maxwell. 

Onwards and upwards!

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