Endurance Technologies Enters BMS Segment With Maxwell Energy Acquisition

Indian auto-component maker Endurance Technologies has now entered into the new avenue of the electric vehicle centric product lines. This has come with the key acquisition of Battery Management System (BMS) unit of Mumbai based company Maxwell Energy Systems.

The deal between the two companies entails that Endurance Technologies shall buy a 51 per cent ownership at first in Maxwell Energy Systems for a consideration of Rs 135 crore ($17.5 million). This will be done through a combination of primary and secondary investments.

The deal also says that the remaining 49 per cent ownership will be purchased by Endurance Technologies over a period of five years thereafter. Maxwell Energy Systems is a subsidiary of Ion Energy.

The firm hopes that  this acquisition will give a boost to the future business of Endurance Technologies given the considerable adoption of electric vehicles in India. According to FADA data released recently, the EV segment has witnessed a three times rise in the 2021-22 financial year compared with the previous financial year.

Endurance Technologies will take advantage of the acquisition to build more business with OEMs and also build a robust R&D team employing 250 engineers. It also plans to launch new product platforms considering the rising EV and energy storage markt.

Maxwell serves the needs of Original Equipment Manufacturer (OEM) clients in India and Europe. At present, OEMs and battery makers deploy the battery management system of Maxwell in the EVs and stationary energy storage systems due to its safety and dependable features.  Its customers are spread in 15 countries such as the US, Spain and France. The order book is strong enough as it contains orders of over Rs 150 crore from clients that include leading two wheeler makers and battery producers.

Endurance Technologies claims itself to be one of India’s leading automotive component manufacturing companies. Founded in 1985, the company today provides solutions for aluminium die-casting, braking systems, and suspension and transmission products.