An agreement has been reached to form a revolutionary joint venture (JV) between DG Innovate (LSE: DGI), an advanced research and development business that is creating ground-breaking solutions in sustainable mobility and energy storage, and EVage Motors (EVage), the fastest-growing electric truck company in India. With the proposed JV, DGI will be able to pursue a quicker, less expensive path to high-precision production in India, significantly increasing its market share in the crucial Asian market and providing EVage Motors’ clients with access to one of the most efficient electric motors in the world, with an efficiency of 98.5%. Additionally, as a vertically integrated business, EVage’s proprietary EV stack will be strengthened by the JV.
DGI and EVage will collaborate to produce DGI’s exclusive Pareta® electric drive system in Punjab, India. Together, the businesses will take aim at the Asian EV market with their significantly more efficient electric trucks, which will have an average range increase of 5%–7% on a single charge, longer life, and lower cost of ownership for fleet owners. DGI and EVage are set to own 60% and 40% of the joint venture, respectively, as a sign of their trust in the Indian market.
In addition to the substantial industry experience of its group of former Tesla engineers and managers, DGI will also bring the most recent hire of Pierre Pellerey as a consultant to the company. He has over 15 years of motor design experience, and his work was instrumental in the creation of Dyson’s flagship V10 motor as well as the Tesla Model 3, Model Y, and Model S Plaid. Over 3 million electric vehicles have been powered by Pierre’s motor designs to far. His contribution will be crucial to the JV’s success.
The Modular Miniature Manufacturing (Mcube) micro factory of EVage, which currently supports India’s first native commercial EV platform, will be utilized by DGI and EVage. As of right now, the plant has produced more than one electric truck every day, for a total of more than 300. Top FMCG, e-commerce, and logistics companies in India, including Amazon, are served by those trucks.
“This is a pivotal moment for DGI and we welcome our new partners at EVage,” stated Peter Bardenfleth-Hansen, CEO of DGI. Asia is an important market for electric vehicles (EVs), and India in particular has a world-class manufacturing infrastructure that will enable us to launch our products at competitive prices at top speed. Using this occasion, I would also like to once again extend a warm greeting to Pierre, a genuine motor whisperer whose creations power some of the most recognizable electric cars available. His knowledgeable counsel will significantly improve our collaboration with EVage.
“We are thrilled to bring cutting-edge motor technology to India and create new, high-value engineering jobs,” stated Inderveer Singh, the founder and CEO of EVage. EVage and DGI will collaborate to create top-notch goods that support PM Modi’s manufacture in India, make for the world philosophy. We are especially happy to see that visionary former Tesla executives like Peter consider India to be a potential market for the EV industry.
