Energy tech startup ION Energy has sold its advanced electronics business unit Maxwell Energy Systems (MESPL) to automotive component manufacturer Endurance Technologies Limited for $40 Mn.
As part of the transaction, Endurance will purchase a 51% stake in Maxwell for $17.5 milion (Rs 135 crore) through a combination of primary investment and secondary purchase. The remaining 49% will be acquired in a phased manner over 5 years.
Founded in 2016, ION Energy is a cleantech OEM startup backed by Amazon’s Climate Pledge Fund, Climate Capital and YourNest, among others.
Endurance Tech caters to two-wheeler and three-wheeler OEMs in India. Its list of products includes aluminium castings, suspensions, transmission and braking systems. In Europe, it predominantly caters to four-wheeler OEMs and mainly supplies aluminium casting products.
Post the acquisition, MESPL is likely to operate as an independent entity. ION’S co founders, Akhil Panjwani and Alexandre Collet will continue to actively contribute to Maxwell’s future growth over the next 5 years.
It plans to expand its R&D team to over 250 engineers and launch new product platforms for EVs and energy storage systems. MESPL will also strengthen its supply chain and operational ability to serve Endurance Tech’s international EV customers.