Aurangabad-headquartered tier 1 supplier Endurance Technologies has acquired Maxwell Energy Systems (MESPL) a subsidiary of Ion Energy for $40 million (Rs 310 crore).
As part of the transaction, Endurance will purchase 51 percent stake in Maxwell for $17.5 Million (135 crores) through a combination of primary investment and secondary purchase, subject to customary fulfilment of conditions precedent. The balance 49% shall be purchased in a phased manner spread over 5-years.
As part of the understanding Ion Energy will continue to own and operate its software as a service (SaaS) business – Altergo, a predictive analytics platform for new energy assets.
Anurang Jain, MD, Endurance Technologies 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) that enables OEMs/battery makers to deploy safe, reliable and smart battery systems for electric vehicles and stationary energy storage systems.
At present, MESPL supplies its solution to over 70 automotive OEMs and battery pack manufacturers across 15 countries including India, France, Spain and the US. Since its inception in 2016, MESPL has deployed over 65,000 BMS in electric vehicles and stationary storage systems and has an active order pipeline of over $19.5 million (Rs 150 crore) from OEMs in India and Europe.
It plans to leverage this partnership with Endurance not only to grow it’s BMS business, but also expand the R&D team to over 250 engineers and launch new product platforms for the electric vehicle and energy storage systems.
Akhil Aryan, CEO and co-founder, 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.”
In addition to investing capital, Endurance will also help MESPL strengthen its supply chain and operational ability to deliver to global OEMs leveraging the long-standing experience in the business of auto components.
Image caption: L-R: Alexandre Collet, CTO & co-founder, Ion Energy; Anurang Jain, MD, Endurance Technologies and Akhil Aryan, CEO & co-founder, Ion Energy.