Auto components maker Endurance to acquire ION’s electronics business
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Listed auto ancillary company, Endurance Technologies Ltd on Thursday said it has acquired ION Energy Inc’s electronics business for $40 million (Rs 308 crore) in an all-cash transaction.

Endurance will purchase a 51% stake in Maxwell Energy Systems for $17.5 million (Rs 135 crore) through a combination of primary investment and secondary purchase as part of the deal. The remaining 49% will be purchased over five years, according to a press release by Endurance Tech.

The transaction excludes ION Energy’s software as a service (SaaS) business - Altergo (previously Edison Analytics).    

In addition to investing capital, Endurance said it will help Maxwell Energy strengthen its supply chain and operational ability to deliver to global OEMs leveraging Endurance’s experience in the business of auto components. 

Maxwell Energy says its battery management system (BMS) enables original equipment manufacturers and battery makers to deploy safe, reliable and smart battery systems for electric vehicles and stationary energy storage systems. It supplies to over 70 automotive OEMs and battery pack manufacturers across 15 countries including India, France, Spain and the US since its inception.

MESPL states it has deployed over 65,000 smart BMS in electric vehicles and stationary storage systems and claims to have an order pipeline of over $19.5 million (Rs 150 crore) from OEMs in India and Europe. 

“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,” Anurang Jain, managing director of Endurance Technologies Limited said. 

Currently, Endurance has 28 plants, out of which 19 are in India, 3 are in Germany and 6 plants are in Italy.    

Axis Capital Limited acted as exclusive financial adviser to Ion Energy Inc. and Maxwell Energy Systems Private Limited.   

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