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DG Innovate sign joint venture with EVage Motors to enter domestic EV space
Industry News- May 09,24
UK-based advanced R&D firm DG Innovate announced its entry into the domestic electric vehicle space with electric commercial vehicle startup EVage Motors.
Electric vehicle UK-based advanced R&D firm DG Innovate announced its entry into the domestic electric vehicle space through a joint venture with electric commercial vehicle startup EVage Motors. The JV, which will be 60 per cent owned by DG Innovate and 40 per cent by the Indian partner, will produce electric motors for both domestic and overseas markets, EVage said. Besides, the collaboration will also strengthen EVage's proprietary EV stack as a vertically integrated company.
Former Tesla executive, Inderveer Singh, is the Founder and current CEO of Evage. DG Innovate, is currently developing its products alongside a number of major manufacturers across the transportation and energy sectors, research institutions and the UK government.
"DG Innovate will partner with EVage to manufacture its proprietary Pareta electric drive system in Punjab," EVage announced.
Together, the companies will target the Asian EV market, offering far more efficient electric trucks, resulting in longer life and a reduced cost of ownership for fleet owners, with an average range increase of 5-7 per cent on the same charge.
"Asia is a critical market for the EV industry, and India in particular benefits from a leading manufacturing platform that will allow us to deploy our products at top speed and competitive costs," said Peter Bardenfleth-Hansen, CEO, DG Innovate.
The JV will enable DG Innovate to pursue a faster, lower-cost route to high-precision manufacturing in India, materially growing its market share in the critical Asian market and giving EVage Motors' customers access to electric motors at 98.5 per cent efficiency.
"Together with DGI, EVage will produce world-class products. We are particularly thrilled to see pioneering ex-Tesla leaders like Peter look at India as a place of opportunities for the EV sector," said Singh.
DG Innovate said it will contribute the significant industry expertise of its team of former Tesla managers and engineers, bolstered by the recent appointment of Pierre Pellerey as a consultant to the company.
DG Innovate and EVage will manufacture the motor, leveraging EVage's modular miniature manufacturing (Mcube) micro factory, which already supports India's first native commercial EV platform, it said. The factory currently produces over one electric truck a day, EVage said adding those trucks are servicing top FMCG, e-commerce and logistics companies throughout India, with top clients including Amazon.
(Source: ET)
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