DG Innovate, a UK-based firm specializing in sustainable mobility and energy-storage solutions, spearheaded by former Tesla executives, has announced its entry into the Indian market through a joint venture (JV) with EVage Motors, an electric truck manufacturing startup.
In this strategic partnership, DG Innovate will hold a majority stake of 60 percent, with the remaining 40 percent owned by EVage Motors. The focus of the collaboration is on manufacturing electric motors boasting an impressive efficiency rate of approximately 98.5 percent.
Peter Bardenfleth Hansen, CEO of DG Innovate, expressed the company’s enthusiasm for entering the Indian market, citing the country’s potential for electric vehicle (EV) penetration, green transition, and economic growth. He emphasized that this decision follows meticulous evaluation over the past year, underlining the company’s commitment to the Indian market.
The electric motors will be manufactured at EVage’s Modular Miniature Manufacturing (M CUBE) micro-factory located in Mohali, Punjab. The first batch of these high-efficiency motors is expected to be available within the next 12 to 18 months, according to Inderveer Singh, Founder and CEO of EVage Motors.
Singh highlighted the impressive production efficiency of EVage, with the factory currently churning out over one electric truck per day, totaling more than 300 units to date. He affirmed the company’s intent to supply the first batch of motors to EVage, with plans to subsequently make them available to other players in the market.
Hansen, who transitioned from Tesla to DG Innovate in 2019, praised EVage’s manufacturing capabilities and affirmed the growing opportunities in India and across Asia. He emphasized DG Innovate’s advanced motor technology and its potential impact on the global stage.
The JV between DG Innovate and EVage Motors aims to tap into the burgeoning Asian EV market, offering electric trucks with superior efficiency and reduced total cost of ownership for fleet owners. These trucks are projected to deliver a 5-7 percent increase in range on a single charge.
EVage Motors, headquartered in New Delhi and founded in 2014, supplies electric trucks to various clients, including Amazon India’s fleet. The company boasts a workforce of over 150 individuals with backgrounds in aeronautics and automobile engineering, operating from its R&D and robotics center in Mohali and Delhi.
In 2022, EVage secured approximately $28 million in funding from US-based venture capital firm RedBlue Capital, highlighting investor confidence in the company’s growth trajectory and innovative approach to electric vehicle manufacturing.
