Aurangabad-headquartered tier 1 provider Endurance Technologies has acquired Maxwell Energy Systems (MESPL) a subsidiary of Ion Energy for $40 million (Rs 310 crore).
As a part of the transaction, Endurance will buy 51 p.c stake in Maxwell for $17.5 Million (135 crores) by means of a mixture of major funding and secondary buy, topic to customary fulfilment of situations precedent. The steadiness 49% shall be bought in a phased method unfold over 5-years.
As a part of the understanding Ion Energy will proceed to personal and function its software program as a service (SaaS) enterprise – Altergo, a predictive analytics platform for brand spanking new vitality property.
Anurang Jain, MD, Endurance Technologies mentioned, “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 corporate’s sensible Battery Management System (BMS) that allows OEMs/battery makers to deploy secure, dependable and sensible battery programs for electrical automobiles and stationary vitality storage programs.
At current, MESPL provides its answer to over 70 automotive OEMs and battery pack producers throughout 15 international locations together with India, France, Spain and the US. Since its inception in 2016, MESPL has deployed over 65,000 BMS in electrical automobiles and stationary storage programs and has an lively 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 solely to develop it’s BMS enterprise, but additionally develop the R&D crew to over 250 engineers and launch new product platforms for the electrical automobile and vitality storage programs.
Akhil Aryan, CEO and co-founder, Ion Energy mentioned, “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 may also assist MESPL strengthen its provide chain and operational skill to ship to world OEMs leveraging the long-standing expertise within the enterprise of auto parts.
Image caption: L-R: Alexandre Collet, CTO & co-founder, Ion Energy; Anurang Jain, MD, Endurance Technologies and Akhil Aryan, CEO & co-founder, Ion Energy.
Source: www.financialexpress.com”
