DG Innovate, a UK-based advanced R&D company specialising in sustainable mobility and energy storage solutions, has formed a transformative joint venture with EVage Motors. This collaboration aims to establish a faster, more cost-effective route to high-precision manufacturing in India.
Under this agreement, DG Innovate (DGI) will work with EVage to manufacture its proprietary Pareta electric drive system in Punjab. This partnership will focus on the Asian electric vehicle (EV) market, aiming to provide more efficient electric trucks. The expected benefits include a longer lifespan and reduced ownership costs for fleet owners, with an average range increase of 5-7 per cent on the same charge. The joint venture will be 60 per cent owned by DGI and 40 per cent by EVage, with both companies investing significantly in the project, demonstrating their confidence in the Indian market.
Peter Bardenfleth-Hansen, CEO of DGI, stated, “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, offers a leading manufacturing platform that will enable us to deploy our products swiftly and cost-effectively. 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, Founder & CEO of EVage, added, “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 excited to see pioneering ex-Tesla leaders like Peter view India as a place of opportunity for the EV sector.”
This joint venture marks a significant step towards advancing the EV market in Asia, leveraging the strengths of both companies to deliver innovative and efficient electric vehicles.
DG Innovate plc (LON:DGI) is an advanced research and development company pioneering sustainable and environmentally considerate improvements to electric mobility and storage, using abundant materials and the best engineering and scientific practices. Deregallera is a subsidiary of DG Innovate.
