Shares of DG Innovate saw a significant increase, rising by 39% to 0.13 pence in early European trading, reflecting a year-to-date growth of 61%. The sustainable mobility and energy-storage company announced a joint venture with Indian electric vehicle manufacturer EVage Automotive to produce e-drive motors. This strategic partnership represents a step forward in their shared commitment to advancing e-mobility technologies.
Under the agreement, EVage will manage the day-to-day manufacturing operations at the new facility in Punjab, India, while DG Innovate will contribute its designs, licenses, and intellectual property. The joint venture, named Pareta India, will be owned 60% by DG Innovate and 40% by EVage. This collaboration builds upon an earlier memorandum of understanding between the companies, signed in March, and is expected to be formalised in the coming weeks.
The partnership aims to manufacture a diverse range of electric motors to serve e-mobility customers, including EVage and other companies in India and abroad. Additionally, the joint venture will supply electric motors to DG Innovate for global distribution. The initial product lineup will include motors for light commercial and compact electric vehicles, mid-sized passenger cars, SUVs, medium-duty trucks, as well as heavy-duty trucks, buses, and industrial machinery.
Production is projected to reach approximately 100,000 units over the first four years, covering three primary motor types. This collaboration signifies a promising expansion of DG Innovate’s global presence and a strengthening of India’s position in the electric vehicle market.
The partnership between DG Innovate and EVage highlights the growing synergy between innovative energy solutions and the automotive sector, promising sustainable advancements and expanded opportunities for the e-mobility industry worldwide.
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.