India-based automotive component manufacturing firm, Endurance Technologies has acquired Ion Energy's battery management system unit for $40 million.
- The acquisition will enable a reinforced supply chain, reliable operations, strengthened manufacturing and team expansion for a faster global EV transition, Ion Energy claims.
- The deal will begin with the purchase of 51% of Ion Energy's arm, Maxwell Energy System for $17.5 million after which the 49% will be acquired in stages over the next five years, the company claims.
- Maxwell Energy System is an electronic system that monitors the state of charge and health of a battery to ensure protection.
- The subsidiary supplies over 70 vehicle makers and battery pack makers in 15 countries including the US, Spain, France, and India.