Ion Energy sells its battery management hardware business for $40m
Ion Energy has sold its battery management system (BMS) subsidiary Maxwell Energy Systems for $40m.
The deal with Endurance Technologies, a Tier-1 automotive component manufacturer in India, will see Maxwell grow its BMS business, expand its R&D team to 250+ engineers and launch new product platforms for the electric vehicle and energy storage systems. Endurance is taking a 51% stake initially and buying the rest of the business over the next five years.
Endurance has 28 manufacturing plants and operations spread across India and Europe and will help Maxwell strengthen its supply chain and operational ability.
Ion develops a cloud-based battery monitoring system that links to BMS hardware in electric vehicles such as cars, trucks and e-bikes. It acquired French BMS hardware developer Freemans in 2018 for an undisclosed sum, bringing the chemistry agnostic FS-XT and FreeSafe LT battery management hardware, Fusion firmware and Freeway cloud fleet management software. These link to Ion’s Edison Analytics battery digital twin software which has been renamed Alterego.
Last year, it announced a partnership with Spanish Electric Scooter startup, Ray Electric Motors.
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