TVS Divests Stake in Ion Mobility

India-headquartered TVS Motor has informed through an exchange filing that it has divested its stake in Singapore-based ION Energy. At the same time, the company has acquired some assets from ION for a cash consideration of ION for a cash consideration of USD 1.75m.

The assets include ION Mobility's IPs and talent, including CEO James Chan, who has joined TVS as a Sr. VP.

TVS owned a 25.64% share of ION Mobility. The company first invested USD 18.9m in ION in Feb 2023 (official release). This was followed by another investment of USD 5.5m in Mar 2024.

For some time, the companies were working together and had even hinted at plans for Project Dynamo, ION's adaption of the TVS X scooter for the Indonesian market. ION's founder-CEO James Chan wrote in his Substack:

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