Indian energy storage startup ION Energy has acquired French battery management company Freemens SAS, as part of a cash-and-equity deal. Post acquisition, the entire Freemens engineering and sales team will be joining ION.
Freemens will continue working with their current clients which include Airbus Safran, CarWatt, NTN SNR and 20+ others. With the acquisition, ION will invest into this business and grow the portfolio of customers in India, US & other parts of EU.
With this, Freemens SAS founder and CEO Alexandre Collet joined ION as co-founder and VP of Engineering to strengthen the startup’s founding team.
Commenting on the development, ION Energy co-founder and CEO Akhil Aryan said, “Our acquisition of Freemens is reflective of ION’s growth and vision. In an increasingly crowded market, Freemens’ unparalleled Battery Management know-how has helped ION leap forward in sync with our mission to build reliable, high performance and no-compromise energy storage systems. I’m incredibly excited to welcome Alex and Freemens onboard our journey.”
The acquisition, according to Aryan, is in line with the energy storage company’s aim to expand its portfolio of customers across India, the US and other parts of EU.
Speaking of the newly-forged alliance, Collet stated, “It is clear that batteries will be core to the transition away from fossil fuels. When I heard about ION and Akhil’s plan to build No-Compromise storage systems, it reminded me of why I started Freemens in the first place. Partnering with ION gives us the firepower to address a much larger market and increase our ability to service existing customers. Together we will build some deep technology to disrupt both the EV and energy storage markets.”
Apart from deploying their own systems and infrastructure, ION will license a chemistry-agnostic and cascadable architecture that enables rapid product development. Investors include OMC Power, Sattva Capital, and executives from Dentsu Aegis, Salesforce, Times Internet and Credit Suisse. The company is planning a formal Series A later this year.
Founded in October 2011, Freemens SAS is a provider of battery management systems for lithium-ion batteries. Headquartered in Grenoble, France, the company has been working to reduce degradation of these batteries by controlling the brain that manages them in real time. Their products are chemistry agnostic and work with all various chemistries including NCA, NMC and LFP, among others.