Endurance has acquired Maxwell, ION Energy's advanced electronics subsidiary with significant presence in BMS.
Endurance Technologies Ltd has entered into agreements with ION Energy Inc. (ION) for acquisition of 100% stake in Maxwell Energy Services Private Ltd (Maxwell), ION’S advanced electronics subsidiary with significant presence in BMS.
This all-cash deal involves initial share subscription and share purchase leading to Endurance holding 51% stake in Maxwell by investing Rs1,350 million, subject to customary adjustments and fulfilment of Conditions Precedent. Subsequently, Endurance will acquire the remaining 49% in a phased manner over the next 5 years by making variable payouts determined based on financial performance of Maxwell, subject to a maximum additional payout of Rs1,730 million. The transaction is subject to customary conditions, and is expected to be consummated in a few weeks.
Maxwell’s BMS product enables OEMS/battery makers to deploy safe, reliable, and smart battery systems for electric vehicles (EVs) and stationary energy storage systems. Its customers are spread across 15 countries including India, France, Spain and the US. Maxwell has a strong order book of over Rs1,500 million from key customers, including one of India’s leading two-wheeler OEMs, multiple new age
OEMs and leading battery pack makers.
ION’S co-founders, Akhil Panjwani, who leads Product Strategy, and Alexandre Collet, who has over 10 years of experience in battery management and state estimation, will continue to actively contribute to Maxwell’s future growth over the next five years.
“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,” Anurang Jain, Managing Director of Endurance Technologies, said.
Akhil Panjwani, CEO and co-founder of 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.”