UK-based advanced R&D company DG Innovate has revealed its foray into the domestic electric vehicle sector through a joint venture (JV) with EVage Motors, a startup specializing in electric commercial vehicles.
DG Innovate will hold a 60% stake and the Indian partner 40%, aiming to manufacture electric motors for domestic and international markets, as stated by EVage. Additionally, the partnership intends to enhance EVage’s in-house EV technology stack, solidifying its position as an integrated company.
DG Innovate, founded by a former Tesla executive, is engaged in product development with various prominent manufacturers in transportation and energy, alongside research institutions and the UK government.
According to EVage, DG Innovate will collaborate to produce its exclusive Pareta electric drive system in Punjab. The joint effort targets the Asian EV market, promising more e-trucks that offer extended lifespans and reduced ownership costs for fleet operators. Moreover, these trucks will achieve an average range increase of 5-7%, the statement added.
Peter Bardenfleth-Hansen, CEO of DG Innovate, said:
Asia, especially India, holds significant importance in the electric vehicle industry. India’s strong manufacturing capabilities provide us with an advantageous platform to swiftly deploy our products at competitive costs.
The partnership will help DG Innovate manufacture high-quality products in India, expanding its market share in Asia. Additionally, it will provide EVage Motors’ customers access, stated the company.
Inderveer Singh, Founder and CEO of EVage, commented:
Teaming up with DGI, EVage aims to deliver top-notch products. We are particularly excited to witness esteemed former Tesla executives like Peter recognizing India’s potential as a hub for opportunities in the EV sector.
DG Innovate highlighted its intention to bring industry knowledge from its team of ex-Tesla managers and engineers.
The collaboration will focus on manufacturing the electric motor, utilizing EVage’s modular miniature manufacturing (Mcube) micro-factory. This facility already supports India’s first native commercial EV platform, the statement noted.
According to EVage, the factory manufactures more than one electric truck daily. It caters to leading FMCG, e-commerce, and logistics firms across India. Notably, top clients such as Amazon are among those benefitting from these electric trucks.
