Amazon announced today that its Climate Pledge Fund has made its first investment in India, participating in a $3.6 million Pre-Series A funding of lithium-ion battery-focused advanced electronics and software platform company ION Energy.
Other investors in participating in the financing include Silicon Valley-based Climate Capital, early-stage investor YourNest Venture Capital, Riso Capital, Venture Catalysts, and other angel investors.
Founded in 2016, ION develops software to improve the life and performance of lithium-ion batteries that power electric vehicles and energy storage systems. The company’s flagship offering is a smart battery management platform (BMS) that leverages proprietary algorithms to improve battery life and performance.
ION stated that proceeds from the financing will be used to nearly double its team to 125+, invest in product development, and expand the software business in North America and Europe, enabling the company to serve the customers that are in its $15M+ order pipeline and invest into growing the SaaS business exponentially.
Akhil Aryan, co-founder and CEO of ION Energy, said:
“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.”
Amazon’s Climate Pledge fund is a venture investment program aimed at backing visionary companies developing products and services that facilitate the transition to a zero carbon economy. The $2 billion fund was established in June 2020, aiming to help Amazon and other companies achieve the goals outlined in The Climate Pledge, including reaching net zero carbon by 2040.
Kara Hurst, Vice President and Head of Worldwide Sustainability at Amazon, said:
“As we continue to identify visionary companies whose products and solutions will facilitate the transition to a low-carbon economy, we’re proud to invest in ION Energy, our first investment in India through the $2 billion Climate Pledge Fund. We are inspired by ION’s mission to build technologies that improve the life and performance of lithium-ion batteries that power electric vehicles and energy storage systems, ultimately scaling solutions that help us all achieve our ambitious climate goals.”