ION Energy, an advanced battery management solutions provider for e-mobility and energy storage applications has announced that it has raised $3.6 million in Pre-Series A funding.
The funding was raised from Amazon’s Climate Pledge Fund, a $2 billion fund to support companies that develop sustainable technologies. Climate Capital, YourNest Venture Capital, Riso Capital, Venture Catalyst, and other angel investors also participated in the funding round.
The company said that the funding would be used to increase team strength, invest in product development, and expand its software business in North America and Europe. The investment would also help ION Energy to serve its order pipeline worth over $15 million.
The company added that Anup Menon, Head of Strategy and Emerging Technology at Bank of America, would join the company’s Board of Directors as a part of the round.
Akhil Aryan, Co-founder and Chief Executive Officer, ION Energy, said, “Globally, we believe 2021 will be the inflection point for new energy transition as both companies and governments come together towards reducing carbon emissions. AT ION, we are confident that advanced electronics and software that help enterprises accelerate in transition will become critical to meet our goals of a zero-carbon future.”
According to ION, it currently has over 75 consumers in the mobility and energy industry across 15 countries, including India, France, Spain, and the United States. The firm develops smart battery management platforms that help proprietary algorithms to improve battery life and performance. As of now, ION’s customers have deployed 60,000 smart battery management systems in electric vehicles and stationary storage systems.
According to Mercom, in 2017, ION Energy raised an undisclosed amount of angel funding from a group of investors, including Sushil Jiwarajka (Chairman of OMC Power and Founder of Nippo Batteries), Aakrit Vaish and Swapan Rajdev (Founders of Haptik), and other individual investors. The company has also joined hands with a U.S.-based utility-scale energy storage developer esVolta to improve the operation efficiency of esVolta’s utility-scale battery energy storage products.
Mercom had earlier reported that Amazon had issued a $1 billion sustainability bond to fund ongoing and new projects in five key green spheres – renewable energy, clean transportation, sustainable buildings, affordable housing, and socioeconomic advancement and empowerment.
Globally, battery storage companies raised $994 million in VC funding, including private equity and corporate venture capital, according to Mercom Capital Group’s report, Q1 2021 Funding and M&A Report for Storage, Grid, and Efficiency.