In a groundbreaking move poised to reshape the landscape of sustainable mobility in India, DG Innovate and EVage Motors have announced a strategic joint venture. This partnership aims to accelerate the commercialization of DG Innovate’s Pareta electric drive system while bolstering EVage’s position as a leading player in the electric truck market.
Under the terms of the agreement, DGI, a UK-based advanced R&D company renowned for its innovative solutions in sustainable mobility and energy storage, will team up with EVage, India’s fastest-growing electric truck manufacturer. The joint venture, with DGI holding a 60% stake and EVage 40%, signifies a bold step towards leveraging India’s burgeoning market for electric vehicles (EVs).
The collaboration is set to revolutionize the EV sector in India by introducing far more efficient electric trucks, offering fleet owners a reduced cost of ownership and an average range increase of 5%-7% on the same charge. This move aligns with India’s vision of promoting indigenous manufacturing, as emphasized by Prime Minister Modi’s “Make in India” initiative.
One of the key highlights of this partnership is the localization of manufacturing, with DGI and EVage establishing production facilities in Punjab, India. By harnessing EVage’s Modular Miniature Manufacturing (Mcube) micro factory, renowned for its efficiency in producing electric trucks, the joint venture aims to rapidly scale production to meet the growing demand for sustainable transportation solutions.
Peter Bardenfleth-Hansen, CEO of DGI, expressed enthusiasm about the partnership, highlighting Asia’s pivotal role in the EV industry and India’s robust manufacturing capabilities. He welcomed the expertise of Pierre Pellerey, a seasoned motor designer whose contributions have been instrumental in powering iconic electric vehicles like those from Tesla and Dyson.
Inderveer Singh, Founder & CEO of EVage, echoed Bardenfleth-Hansen’s sentiments, emphasizing the creation of high-value engineering jobs and the alignment of their efforts with Prime Minister Modi’s vision. Singh underscored the significance of the partnership in bringing cutting-edge motor technology to India and positioning the country as a hub for EV innovation.
With a shared commitment to sustainability and innovation, DGI and EVage Motors are poised to redefine the electric truck market in India, paving the way for a greener, more efficient future in transportation. As the joint venture takes shape, all eyes are on the transformative impact it will have on India’s EV landscape and beyond.
