Battery Analytics Company, ION Energy, Raises $3.6 Million in New Funding
ION Energy receives investment to grow its team and continue technological development for e-mobility and energy storage.
ION Energy, Inc. specializes in the development and provision of intelligent battery analytics for improving the durability and performance of lithium-ion batteries (LiBs). Recently, ION Energy received support in the form of ‘pre-series A’ funds to continue its work on developing next-generation e-mobility and energy storage technologies for a greener future.
Image courtesy of ION Energy
Investors and Funds
ION received $3.6 million in funds from Amazon’s Climate Pledge Fund, Silicon Valley-based Climate Capital, early-stage investor YourNest Venture Capital, Riso Capital, Venture Catalysts, and other angel investors. In addition to these funds, Head of Strategy & Emerging Technology at Bank of America, Anup Menon, will be joining ION’s Board of Directors.
One of ION’s Investors, Amazon, launched The Climate Pledge Fund in 2020. This $2 billion fund is accessible to favorable companies that aim to develop carbon-neutral technologies for a cleaner and more sustainable environment of the future. Amazon Climate Pledge Fund chose ION as its first investment outside of the U.S.
What is ION Planning to do?
With the funding provided, ION intends to grow its team of 70 individuals to over 150, continue its progress with product development, and grow the software business in North America and Europe.
In a recent blog post, ION’s Co-Founder and CEO, Akhil Aryan, explains what the company hopes to go on to do with the funding and what the company is already forging ahead with.
ION is currently cooperating with over 75 customers in the mobility and energy industry that are located across the globe. The company’s recent partner is a Spanish electric scooter start-up, Ray Electric Motors.
Concerning technology, ION aims to generate clean electricity, find a way to grow crops and cultivate animals while being environmentally sustainable, sequester carbon using Point Capture or Direct Air Capture (DAC), find cleaner ways of manufacturing materials such as steel and concrete, and push forward the electrification of home appliances and vehicles.
Image used courtesy of ION
ION is sure that advanced electronics and software will be key drivers behind clean energy systems and their maintenance. Since learning of ION’s Edison Analytics platform, it has taken on a new face in the form of added digital twin technology. Edison Analytics was transformed into the machine learning and data science platform, Altergo. The platform was created to help companies manage asset life and performance. California-based company esVolta will be deploying the platform across its portfolio of battery storage systems.
In another blog post, Aryan commented: “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.”