India-based energy storage startup ION Energy raises $3.6M in funding to accelerate the transition to an all-electric future
ION Energy, a Mumbai, India-based energy-tech startup said today it has raised $3.6 million in Pre-Series A funding to grow its team and invest in product development and expand the software business in North America and Europe. Backers in this round include Amazon’s Climate Pledge Fund alongside prominent investors including Silicon Valley-based Climate Capital, early-stage investor YourNest Venture Capital, Riso Capital, Venture Catalysts, and other angel investors.
In addition to the funding, ION also announced that Anup Menon, Head of Strategy & Emerging Technology at Bank of America will join its Board of Directors. ION will also use the current capital infusion to grow its staff level from the current 79 to over 125. This round of investment will enable ION to serve the customers that are in its $15M+ order pipeline and invest into growing the SaaS business exponentially.
Founded in 2016 by Akhil Aryan and Alexandre Collet, ION is enabling electric vehicle and energy storage space providers to unlock the power of data to make faster and smarter decisions using advanced analytics software, and artificial intelligence-powered platform. ION is headquartered in India, with operations in France and the U.S.
The company’s mission is to Accelerate the Earth’s transition to an All-Electric Future. The company builds advanced electronics & software platforms for new energy companies. The company’s flagship product is their Battery Management System (BMS), which enables OEMs/Battery Pack Makers to deploy smart battery systems.
“Globally, we believe 2021 will be the inflection point for the new energy transition as both companies and governments come together towards reducing carbon emissions. At ION, we’re confident that advanced electronics and software that help enterprises accelerate this transition will become mission-critical to meet our goals of a zero-carbon future,” said Akhil Aryan, Co-founder and CEO of ION Energy.
ION’s flagship offering is a smart battery management platform (BMS) that leverages proprietary algorithms to improve battery life and performance. The BMSs are typically sold as a product or a technology license to original equipment manufacturers (OEMs) that are developing lithium-ion batteries and/or electric vehicles.
Today, the company works with more than 75 customers in the mobility and energy industry across 15 countries, including India, France, Spain, and the U.S. Most recently, ION announced its partnership with Spanish Electric Scooter startup, Ray Electric Motors. To date, ION’s customers have deployed 60,000 smart BMS in electric vehicles and stationary storage systems.
In 2019 with the increase in deployments, the company recognized the need for a dedicated battery analytics software and launched Altergo (previously Edison Analytics). Altergo is currently focused on helping owners and operators of battery fleets improve the operational efficiency of their assets post-deployment. Last year, leading U.S. energy storage developer, esVolta announced it is deploying Altergo across its entire portfolio of battery storage systems, totaling to 581MWh.
“As we continue to identify visionary companies whose products and solutions will facilitate the transition to a low-carbon economy, we’re proud to invest in ION Energy, our first investment in India through the $2 billion Climate Pledge Fund,” said Kara Hurst, vice president and head of Worldwide Sustainability at Amazon. “We are inspired by ION’s mission to build technologies that improve the life and performance of lithium-ion batteries that power electric vehicles and energy storage systems, ultimately scaling solutions that help us all achieve our ambitious climate goals.”
Amazon launched The Climate Pledge Fund in 2020, a $2 billion fund to support companies developing sustainable technologies for a zero-carbon future. To date, Amazon has invested in visionary companies across industries including BETA Technologies, CarbonCure Technologies, Infinium, Pachama, Redwood Materials, Rivian, TurnTide, ZeroAvia, and now ION Energy.