2nd July 2021
It’s officially Day 1!
Alex & I founded ION in 2016. Since then, in every pitch I made – to colleagues, investors, or customers – I’ve always said one thing,
“It’s Day 0 for EVs, sustainable technologies, and climate change. We’re at the starting line, stretching, waiting for the race to begin.” 🏁
Admittedly, this was inspired by Jeff Bezos’ famous ‘It’s Still Day 1’ letter.
ION is now a leader in the Battery Management System (BMS) market with over 60,000 units sold to 75+ customers in 15 countries. We’re also managing 700MWh of battery energy storage on our analytics platform. To say we survived COVID would be an understatement. We’ve remained cash flow-positive all through FY21, and seen our sales grow by over 200%.
All this progress begs the question, “Is it really Day 0?”
It’s officially Day 1!
Not just for ION, but for the mission we stand for:
⚡Accelerating the Earth’s transition to an All-Electric Future.
I believe that 2021 will be an inflection point for Climate Change. Not only are we seeing a radical shift in investor sentiment towards climate tech companies, but also unprecedented regulatory support and technological innovation, rapid adoption by large corporations and a global public realization of the pressing need for each of us to make a change.
But there is a lot of work left to do.
Somehow, we have to figure out how to co-optimize and execute many things in parallel:
💡Enable more people to have access to energy. 770 million people still don’t have access to reliable electricity (Source: IEA).
🌞Enable and cope with the rapid growth in per capita energy consumption:
- This is approximately 7000kWh for an average person in India v/s 80,000kWh for an average person in the United States. This gap will reduce over time.
- We have to ensure the increase in consumption is enabled by clean energy.
👩🏫Revamp regulatory frameworks to work with the new energy infrastructure and bring together global action policies to overcome carbon emissions
🔨Innovate on breakthrough technologies to drive CO2e down from 51B tonnes annually to 0.
- Generate Clean Electricity (overcoming the dependency on fossil fuels).
- Electrify everything from gas stoves to gasoline-powered trucks.
- Find alternate materials or processes to enable clean manufacturing of steel, concrete, etc.
- Find a cleaner way to grow crops and cultivate animals.
- Capture Carbon from the atmosphere using Point Capture or Direct Air Capture (DAC).
🌐Mass produce and deploy these technologies at a cost that reduces/eliminates the green premiums on the basic need for energy.
These goals seem lofty, I admit. But they are not unattainable. Rapid advances in technology and software can help. Here are some examples:
- Help OEMs with advanced electronics and software that accelerate their product development (EVs, ESS, Renewables, Carbon Capture Tech, etc).
- Leverage Digital Twins and component model libraries to boost R&D of new innovations.
- Use modern ML and AI to dynamically improve the life and performance of energy assets.
In lieu of this, ION is placing a big bet on the power of leveraging advanced electronics and software across the entire range of new energy assets.
On Maxwell, our advanced electronics platform, we’re investing in strengthening our product offerings by launching our next-generation of ISO26262 compliant smart BMS for low-voltage battery applications.
Edison Analytics, which was focused on just batteries, is now Altergo (derived from Alter Ego, a nod to the platform’s advanced Digital Twin technology), a machine learning and data science platform for new energy companies. While we’re still heavily investing in battery intelligence, the platform will do so much more. Altergo will deliver real impact, enabling companies to make data-driven decisions to improve asset life and performance.
I’m super-excited about the future and what it means for ION!😎
Learning from our new shareholders, let me end by saying this:
Together, we’re pursuing what we believe is the greatest opportunity of our generation.
And it’s still day 1 🚀
Battery Energy Storage Systems for a Sustainable Future22nd April 2022/