ION Energy raises $3.6 million from Amazon's Climate Pledge Fund
02 Jul 2021
2 Min Read
CW Team
ION Energy, an advanced battery management solutions provider, 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, Riso Capital, YourNest Venture Capital, Venture Catalyst, and other angel investors also participated in the funding round.
The company said that the funding would be used to enhance team strength, invest in product development, and expand its software business in North America and Europe. The investment would also help battery management company ION Energy to serve its order pipeline worth over $15 million.
As a part of the round, Anup Menon, Head of Strategy and Emerging Technology at Bank of America, would join the company's Board of Directors.
According to ION, it currently has over 75 consumers in the mobility and energy industry across 15 countries, including France, India, Spain, and the United States. The firm develops smart battery management platforms that help proprietary algorithms increase battery life and performance. Customers of ION have deployed 60,000 smart battery management systems in electric vehicles and stationary storage systems.
In 2017, ION Energy raised an undisclosed amount of angel funding from a group of investors and other individual investors, according to Mercom. The company has also joined hands with esVolta to enhance the operational efficiency of esVolta's utility-scale battery energy storage products.
Earlier, Mercom said that Amazon had issued a $1 billion sustainability bond to fund ongoing and new projects in five major green spheres 鈥� renewable energy, sustainable buildings, clean transportation, affordable housing, and socio-economic advancement and empowerment.
Also read: Sterling & Wilson Solar incurred Rs 2.9 bn losses in FY21
Also read: UP electricity body asks UPPCL to pay Rs 7,244 cr in regulatory fund
ION Energy, an advanced battery management solutions provider, 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, Riso Capital, YourNest Venture Capital, Venture Catalyst, and other angel investors also participated in the funding round.
The company said that the funding would be used to enhance team strength, invest in product development, and expand its software business in North America and Europe. The investment would also help battery management company ION Energy to serve its order pipeline worth over $15 million.
As a part of the round, Anup Menon, Head of Strategy and Emerging Technology at Bank of America, would join the company's Board of Directors.
According to ION, it currently has over 75 consumers in the mobility and energy industry across 15 countries, including France, India, Spain, and the United States. The firm develops smart battery management platforms that help proprietary algorithms increase battery life and performance. Customers of ION have deployed 60,000 smart battery management systems in electric vehicles and stationary storage systems.
In 2017, ION Energy raised an undisclosed amount of angel funding from a group of investors and other individual investors, according to Mercom. The company has also joined hands with esVolta to enhance the operational efficiency of esVolta's utility-scale battery energy storage products.
Earlier, Mercom said that Amazon had issued a $1 billion sustainability bond to fund ongoing and new projects in five major green spheres 鈥� renewable energy, sustainable buildings, clean transportation, affordable housing, and socio-economic advancement and empowerment.
Image Source
Also read: Sterling & Wilson Solar incurred Rs 2.9 bn losses in FY21
Also read: UP electricity body asks UPPCL to pay Rs 7,244 cr in regulatory fund
Next Story
Kolkata鈥檚 luxury housing market sees price growth amid mixed trends
A new study by Nklusive reveals that Kolkata鈥檚 luxury residential market (Rs 5鈥�10 crore) recorded a 33 per cent year-on-year rise in supply and a 52 per cent increase in sales in calendar year 2024 (CY24). South Kolkata led with 78 per cent of the segment鈥檚 supply. The average price rose by 6 per cent鈥攆rom Rs 17,519 to Rs 18,600 per sq ft鈥攚hile unsold inventory grew by 15 per cent. Monthly absorption improved from 2 to 3 units.In contrast, the ultra-luxury segment (Rs 10 crore and above) experienced a 17 per cent decline in supply and a 30 per cent fall in sales. Central Kolkata acco..
Next Story
New Expressway to Cut Pune-Bengaluru Travel Time by Half
The upcoming Pune-Bengaluru Expressway is expected to significantly improve connectivity and economic opportunities across Maharashtra and Karnataka. This 700-kilometre greenfield, access-controlled highway will cut the travel time between Pune and Bengaluru from 15 hours to just 7 hours, facilitating easier movement for both commuters and businesses. Starting from Bommanal in Karnataka鈥檚 Athani Taluk, the expressway will traverse important districts such as Belagavi, Bagalkot, and Jamakhandi. It will then enter Maharashtra at Kanjle, connect with the proposed Pune Ring Road, and pass throug..
Next Story
Nagpur鈥檚 Koradi Naka to Get Y-Shaped Flyover for Safer, Smoother Traffic
To alleviate traffic congestion and enhance safety at Koradi Naka in Nagpur, a Y-shaped flyover is currently being constructed on National Highway 47. Demolition work has already commenced, with the main construction scheduled to start on June 20, 2025.The project, costing Rs 430.37 billion, involves building a 1,090-meter-long flyover that will connect Farsa, the Mahadula Railway Overbridge (ROB), and Bokhara Road, and will also feature an underpass. The existing structure will be repurposed into a service road to facilitate local traffic.Koradi Naka has been identified as a significant "blac..
