Stamina to acquire a subsidiary of ION Energy

Endurance Technologies, a manufacturer of automotive components Tier-1, has entered into agreements with ION Energy (ION) to acquire a 100 percent stake in Maxwell Energy Services, a subsidiary of ION’s Advanced Electronics, which has a significant presence in battery management systems (BMS).

The cash deal involves an initial subscription for shares and the purchase of shares, which will result in Endurance owning a 51 per cent stake in Maxwell by investing Rs 135 crore, subject to routine adjustments and precedent-setting conditions.

Endurance will acquire the remaining stake within five years, making variable payments based on Maxwell’s financial performance, subject to a maximum additional payment of Rs 173 crore.

Maxwell is headquartered in Mumbai and serves OEM customers in India and Europe. Its BMS product allows OEMs and battery manufacturers to deploy safe and reliable battery systems for electric vehicles and stationary energy storage systems. Its customer base extends to 15 countries, including India, the United States, France and Spain. Maxwell has a large list of orders worth over Rs 150 for key customers, including one of India’s leading two-wheeled OEMs and battery manufacturers. The company said in a regulatory statement.

The co-founders of ION, Achilles Panjwani, who heads the product strategy, and Alexander Colle, who has more than 10 years of battery management experience, will play an active role in Maxwell’s growth strategy over the next 5 years.

Anurang Jain, Managing Director of Endurance Technologies, said: “While the bulk of our existing products are EV-independent, Maxwell’s BMS will be our first EV-specific product. parameters including safety range and power, and BMS will be the key difference. ”Panjwani, CEO of ION Energy, said:“ Maxwell’s business is growing exponentially, and major OEMs are counting on us to fulfill their electrification plans. . We will also expand the group and product portfolio to accelerate the global transition to electricity by focusing on India. ”

Endurance, based in Aurangabad, operates in India and Europe (Italy and Germany). In India, it mainly serves two- and three-wheeled OEMs, and its products include suspension, transmission and brake systems made of aluminum casting. In Europe, the company serves four-wheeled OEMs and mainly supplies aluminum castings.