Ion energy raises $3.6m, renames battery digital twin tech

Ion energy raises $3.6m, renames battery digital twin tech

Business news |
By Nick Flaherty

Ion bought Freeman in France to provide the battery management system hardware for its cloud-based battery monitoring and digital twin software, now renamed as Alterego.

The ‘pre-series A’ funds will be used to double the Ion team to over 150 staff, invest in product development, and expand the software business in North America and Europe.

“Globally, we believe 2021 will be the inflection point for the new energy transition as both companies and governments come together towards reducing carbon emissions. At Ion, we’re confident that advanced electronics and software that help enterprises accelerate this transition will become mission-critical to meet our goals of a zero-carbon future,” says Akhil Aryan, Co-founder and CEO of Ion Energy.

Amazon’s $2bn Climate Pledge Fund was joined by Silicon Valley-based Climate Capital, early-stage investor YourNest Venture Capital, Riso Capital, Venture Catalysts, and other angel investors. To date, Amazon has invested in companies across industries including UK electric aircraft meker ZeroAvia, Redwood Materials and electric trick maker Rivian.

In 2017 Ion energy launched our smart battery management platform (BMS) that uses proprietary algorithms to improve battery life and performance. It now has over 75 customers in the mobility and energy industry across 15 countries, including India, France, Spain and the US. Most recently, it announced a partnership with Spanish Electric Scooter startup, Ray Electric Motors. There are 60,000 smart BMS in electric vehicles and stationary storage systems.

The company launched a dedicated battery analytics software called Edison Analytics in 2019. US energy storage developer, esVolta, is deploying the software, renamed to Alterego this week, across its entire portfolio of battery storage systems, totalling to 581MWh.

“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,” said Aryan. “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.”

“As we continue to identify visionary companies whose products and solutions will facilitate the transition to a low-carbon economy, we’re proud to invest in ION Energy, our first investment in India through the $2 billion Climate Pledge Fund. We are inspired by ION’s mission to build technologies that improve the life and performance of lithium-ion batteries that power electric vehicles and energy storage systems, ultimately scaling solutions that help us all achieve our ambitious climate goals,” said Kara Hurst, vice president and head of Worldwide Sustainability at Amazon.

As part of the round, Anup Menon, Head of Strategy & Emerging Technology at Bank of America will join Ion’s Board of Directors.

“As the world accelerates towards zero emissions and renewable resources, efficient energy storage is becoming a critical part of the holistic solution.  ION’s comprehensive offering of battery management, electronics, intelligence and analytics technology is already helping over 75 customers worldwide. We are more than happy to partner with ION’s innovative team to help provide a significant part of the solution for this industry, globally in the coming years.” said Dr Vivek Mansingh, General Partner, YourNest.

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