ION Energy raises $3.6 million from Amazon's Climate Pledge 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 – 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