Endurance to acquire ION Energy's subsidiary
The Aurangabad-based company will acquire ION’s subsidiary which has a presence in battery management systems
Endurance Technologies, a Tier-1 automotive component manufacturer has entered into agreements with ION Energy (ION) to acquire a 100 percent stake in Maxwell Energy Services, ION'S advanced electronics subsidiary, which has a significant presence in battery management systems (BMS).
The all-cash deal involves initial share subscription and share purchase that will lead to Endurance holding 51 percent stake in Maxwell by investing Rs 135 crore, subject to customary adjustments and fulfilment of conditions precedent.
Endurance will acquire the remaining stake over five years by making variable payouts based on financial performance of Maxwell, subject to a maximum additional payout of Rs 173 crore.
Maxwell is headquartered in Mumbai, and caters to OEM customers in India and Europe. Its BMS product enables OEMs and battery makers to deploy safe and reliable battery systems for electric vehicles and stationary energy storage systems. Its customer base is spread across 15 countries including India, the US, France and Spain. Maxwell has a strong order book of over Rs 150 crore from key customers, including one of India's leading two-wheeler OEMs, and battery pack makers. the company said in a regulatory statement .
ION's co-founders, Akhil Panjwani who leads product strategy and Alexandre Collet who has over 10 years of experience in battery management 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-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.” Panjwani who is the CEO of ION Energy said, "Maxwell's business is growing exponentially and large OEMs are relying on us to deliver on their electrification plans. We will also expand the team and product portfolio to accelerate the global EV transition with a strong focus on India."
Aurangabad-based Endurance has operations in India and Europe (Italy and Germany). In India, it predominantly caters to two-and three-wheeler OEMs and its products include aluminium castings suspensions, transmission and braking systems. In Europe, the company caters to four-wheeler OEMs and mainly supply aluminium casting products.
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