EVage to create new and high-value engineering jobs
Welsh car battery company DG Innovate (LSE: DGI) has entered into an MoU to establish a transformative joint venture to pursue a faster, lower-cost route to high-precision manufacturing in India, materially growing its presence in the critical Asian EV market.
The MoU, announced on 8 May, is with @EVageMotors https://evagemotors.com/ , the fastest-growing electric truck company in India.
The planned JV will allow DGI and giving EVage Motors’ customers access to the one of the world’s most-efficient electric motors at 98.5% efficiency. The JV will also strengthen EVage’s proprietary EV stack as a vertically integrated company.
DGI and EVage will manufacture its proprietary Pareta® electric drive system in Punjab https://www.ibef.org/.
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 https://www.europcar.com/en-us owners, with an average range increase of 5%-7% on the same charge.
The JV is expected to be 60% owned by DGI and 40% by EVage, with both parties investing into the project in a show of confidence in the Indian market https://www.makeinindia.com/ .
DGI will contribute the significant industry expertise of its team of former Tesla https://shop.tesla.com/ managers and engineers, bolstered by the recent appointment of Pierre Pellerey as a consultant to the company. He brings over 15 years of experience in motor design.
DGI and EVage will leverage
@EVageMotors EVage’s Modular Miniature Manufacturing (Mcube) micro factory, which already supports India’s first native commercial EV platform.
The factory currently produces over one electric truck a day, for a total of more than 300 to date. Those trucks are servicing top FMCG, e-commerce and logistics companies throughout India, with top clients including Amazon.
DGI CEO Peter Bardenfleth-Hansen said, “This is a pivotal moment for DGI and we welcome our new partners at EVage. 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.”
EVage Founder & CEO InderveerSingh said, “We are thrilled to bring cutting-edge motor technology to India and create new, high-value engineering jobs. Together with DGI, EVage will produce world-class products.
DG Innovate is an advanced research and development company pioneering sustainable and environmentally considerate improvements to electric mobility and storage, using abundant materials and the best engineering and scientific practices.
At EVage has fused automobile designing with the ingenuity of aerospace engineering to reimagine and transform the mobility industry, and is India’s first OEM manufacturing vehicles in decentralized, high-precision modular micro-factories. Fiinews.com
