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Energy storage systems ION Energy buys Freemens SAS

Energy storage systems ION Energy buys Freemens SAS in part cash and equity deal.
BY BEx Bureau
BusinessEx
Feb 05, 2018

In India, about 70 per cent of the energy is generating from fossil fuel. To prevent these resources a Mumbai-based startup ION Energy was founded by Akhil Aryan in 2017. The energy storage startup has acquired France-based battery management business Freemens SAS to enhance their role in this industry. The deal was made in cash and equity.

The startup is building a layer of infrastructure for highly efficient energy storage systems, which includes energy storage and battery management system for vehicles. The startup is currently operational in Germany, Mumbai, San Francisco, Bengaluru, Germany and France.

Aryan said, "We are beginning to invest in battery management system business and starting to licence it to customers in Europe. With Freemens, we increase our speed to market by 12-18 months.

Freemens SAS designs, manufacture and licenses cutting edge, high precision and chemistry agnostic Battery Management Systems for Lithium-Ion batteries.

Freemens engineering and sales team will join forces with ION team and Alexandre Collet, CEO of Freemens SAS will join ION Energy as co-founder and vice-president of engineering, as a part of the deal.

Collet said, It is clear that batteries will be core to the transition away from fossil fuels. Partnering with ION gives us the firepower to address a much larger market and increase our ability to service existing customers.

According to the Bureau of Energy Efficiency (BEE), India saved more than Rs.47,000 crore between the year 2012-2017 because of energy efficiency measures were taken by the government.

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