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Autocomp player Endurance acquires ION Energy's electronics unit Maxwell for $40-M

Press Release   INC42  

Energy tech startup ION Energy has sold its Mumbai-based advanced electronics business unit Maxwell Energy Systems (MESPL) to publicly listed automotive component manufacturer Endurance Technologies Ltd for INR 308 crore (USD 40 million). Maxwell is in the business of embedded electronics particularly in battery management systems (BMS) for vehicles including electric vehicles. Maxwell also designs and develops BMS for stationary batteries / energy storage solutions. Endurance will purchase a 51% stake in Maxwell for USD 17.5 million (INR 135 crore) through a combination of primary investment and secondary purchase. The balance 49% will be acquired in a phased manner over 5 years. Maxwell had reported revenues of INR 19.46 Cr for FY22. MESPL currently has an order pipeline of over USD 19.5 million (INR 150 crore) from OEMs in India & Europe. ION's co-founders will continue to lead the MESPL business for the next five years.