DG Innovate and EVage Motors forge joint venture for e-mobility in India

The UK-based R&D company, DG Innovate (LSE: DGI), has partnered with EVage Motors (“EVage”), an Indian electric truck company, in a joint venture (“JV”). As part of the agreement, DGI will collaborate with EVage to manufacture its proprietary Pareta® electric drive system in Punjab, India. As per the source statement, the companies aim to target the Asian EV market by offering more efficient electric trucks, which could result in extended lifespan and decreased ownership costs for fleet operators, with an average range increase of 5%-7% on a single charge. The JV ownership will be divided with 60% owned by DGI and 40% by EVage.

The collaboration includes Pierre Pellerey, a former Tesla engineer as a consultant, whose expertise and extensive experience in motor design, was expected to play a key role in advancing the JV. DGI and EVage will produce a motor, utilizing EVage’s Modular Miniature Manufacturing (Mcube) micro factory, which supports India’s native commercial EV platform. The factory currently manufactures over one electric truck daily, totaling more than 300 to date. These trucks serve various FMCG, e-commerce, and logistics companies across India, including clients such as Amazon.

Peter Bardenfleth-Hansen, DGI CEO, 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. I also take this opportunity to re-iterate my welcome to Pierre, a true motor whisperer whose work powers some of the most iconic electric vehicles on the market. His expert advice will immensely enhance our partnership with EVage.”

Inderveer Singh, EVage Founder & CEO, 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 aligned with PM Modi’s vision of make in India, make for the world. We are particularly thrilled to see pioneering ex-Tesla leaders like Peter look at India as a place of opportunities for the EV sector.” 

Also read: Amazon and Eicher collaborate to deploy 1,000 electric trucks over 5 years in India